Impax Asset Management Group plc Purchases 2,582 Shares of Cummins Inc. (NYSE:CMI)

Impax Asset Management Group plc increased its position in Cummins Inc. (NYSE:CMI - Free Report) by 12.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,483 shares of the company's stock after acquiring 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 reporting period.

Other large investors have also modified their holdings of the company. Meeder Asset Management Inc. increased its holdings in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after acquiring an additional 52 shares during the period. TCTC Holdings LLC acquired a new stake in shares of Cummins in the 4th quarter worth about $28,000. SBI Securities Co. Ltd. acquired a new position in Cummins during the 4th quarter valued at about $30,000. Capital A Wealth Management LLC acquired a new position in Cummins during the 4th quarter valued at about $32,000. Finally, Opal Wealth Advisors LLC acquired a new position in Cummins during the 1st quarter valued at about $37,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Wall Street Analyst Weigh In

CMI has been the topic of several research analyst reports. Truist Financial lowered their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Evercore ISI reduced their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Citigroup restated a "buy" rating and set a $360.00 price objective (up previously from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Robert W. Baird reduced their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $358.08.

Cummins Stock Down 0.5%

Shares of CMI stock traded down $1.51 during trading on Monday, hitting $330.32. 138,648 shares of the company were exchanged, compared to its average volume of 772,057. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The firm has a market capitalization of $45.51 billion, a price-to-earnings ratio of 16.47, a P/E/G ratio of 2.00 and a beta of 1.03. The business's 50-day simple moving average is $319.53 and its 200 day simple moving average is $331.41. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90.

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

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.20%. The ex-dividend date was Friday, May 23rd. Cummins's payout ratio is presently 36.22%.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone acquired 1,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were purchased 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 owned 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.41% of the company's stock.

About Cummins

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.