Impax Asset Management Group plc Cuts Position in Cummins Inc. $CMI

Key Points

• Impax Asset Management Group plc reduced its stake in Cummins by 14.5% in Q4, selling 2,945 shares and ending the quarter with 17,338 shares valued at about $8.85 million.
• Cummins beat Q4 expectations with EPS of $5.81 versus $5.17 and revenue of $8.54 billion, and it pays a quarterly dividend of $2.00 (annualized $8.00, yield ~1.2%).
• Insiders sold a total of 31,195 shares worth roughly $18.4 million last quarter (including a director's sale of 18,107 shares), while institutional ownership stands at 83.46%.

Impax Asset Management Group plc lessened its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 14.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,338 shares of the company's stock after selling 2,945 shares during the quarter. Impax Asset Management Group plc's holdings in Cummins were worth $8,850,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Resonant Capital Advisors LLC bought a new stake in shares of Cummins in the 4th quarter valued at approximately $224,000. Concurrent Investment Advisors LLC lifted its stake in shares of Cummins by 14.9% in the 4th quarter. Concurrent Investment Advisors LLC now owns 14,447 shares of the company's stock valued at $7,375,000 after purchasing an additional 1,872 shares during the last quarter. MWA Asset Management lifted its stake in shares of Cummins by 2.2% in the 4th quarter. MWA Asset Management now owns 4,731 shares of the company's stock valued at $2,414,000 after purchasing an additional 104 shares during the last quarter. Directional Asset Management bought a new stake in shares of Cummins in the 4th quarter valued at approximately $777,000. Finally, TKG Advisors LLC bought a new stake in shares of Cummins in the 4th quarter valued at approximately $393,000. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

CMI opened at $660.83 on Friday. The business has a fifty day moving average of $576.44 and a 200 day moving average of $530.46. Cummins Inc. has a 52-week low of $284.23 and a 52-week high of $663.38. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The stock has a market cap of $91.30 billion, a P/E ratio of 32.20, a PEG ratio of 2.08 and a beta of 1.14.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion during the quarter, compared to analysts' expectations of $8.09 billion. During the same quarter in the previous year, the business earned $5.16 EPS. Cummins's revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins Inc. will post 26.03 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a dividend of $2.00 per share. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins's payout ratio is presently 38.99%.

Wall Street Analyst Weigh In

CMI has been the subject of several analyst reports. Robert W. Baird set a $580.00 price objective on Cummins in a research note on Friday, February 6th. Wolfe Research lowered Cummins from an "outperform" rating to a "peer perform" rating and set a $540.00 price objective for the company. in a research note on Monday, January 26th. UBS Group set a $565.00 price objective on Cummins and gave the company a "neutral" rating in a research note on Friday, February 6th. Barclays raised their price objective on Cummins from $546.00 to $610.00 and gave the company an "overweight" rating in a research note on Friday, January 23rd. Finally, Morgan Stanley reissued an "overweight" rating and set a $675.00 price target on shares of Cummins in a research note on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $600.27.

Insider Activity at Cummins

In other Cummins news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company's stock, valued at $20,446,495.30. The trade was a 34.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of Cummins stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the sale, the vice president directly owned 15,807 shares of the company's stock, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 31,195 shares of company stock worth $18,397,489 over the last quarter. 0.30% of the stock is owned by insiders.

About Cummins

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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