Impax Asset Management Group plc Has $7.36 Million Stake in Cummins Inc. (NYSE:CMI)

Impax Asset Management Group plc boosted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 12.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,483 shares of the company's stock after purchasing an additional 2,582 shares during the period. Impax Asset Management Group plc's holdings in Cummins were worth $7,361,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in CMI. IFM Investors Pty Ltd boosted its stake in Cummins by 11.1% in the 1st quarter. IFM Investors Pty Ltd now owns 29,723 shares of the company's stock worth $9,624,000 after purchasing an additional 2,961 shares during the period. 44 Wealth Management LLC acquired a new stake in Cummins in the first quarter valued at approximately $1,348,000. Conning Inc. boosted its holdings in Cummins by 2.1% in the first quarter. Conning Inc. now owns 101,694 shares of the company's stock worth $31,875,000 after purchasing an additional 2,044 shares in the last quarter. North Capital Inc. bought a new position in Cummins during the first quarter valued at about $74,000. Finally, Mutual Advisors LLC lifted its position in shares of Cummins by 7.8% in the first quarter. Mutual Advisors LLC now owns 2,606 shares of the company's stock worth $764,000 after buying an additional 188 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

NYSE:CMI traded down $4.44 during trading hours on Monday, reaching $327.39. The company had a trading volume of 747,237 shares, compared to its average volume of 773,904. The firm has a market capitalization of $45.10 billion, a PE ratio of 15.10, a PEG ratio of 2.00 and a beta of 1.03. The stock has a 50-day moving average of $319.53 and a two-hundred day moving average of $331.41. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same period last year, the firm earned $5.08 EPS. The business's revenue for the quarter was down 2.7% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio is currently 36.22%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CMI. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Citigroup reaffirmed a "buy" rating and issued a $360.00 price target (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. UBS Group cut Cummins from a "buy" rating to a "sell" rating and cut their price objective for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Robert W. Baird reduced their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, JPMorgan Chase & Co. boosted their price target on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $358.08.

Insider Buying and Selling

In related news, Director John H. Stone acquired 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director directly owned 2,441 shares of the company's stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.41% of the company's stock.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.