Schroder Investment Management Group Sells 9,256 Shares of Cummins Inc. $CMI

Key Points

• Schroder Investment Management Group trimmed its position in Cummins by 5.2% in Q3, selling 9,256 shares and now holds 167,447 shares worth about $70.23 million (≈0.12% of the company).
• Insider selling was notable: VP Earl Newsome and VP Jennifer Mary Bush sold 1,300 and 4,270 shares respectively, and insiders sold a total of 31,195 shares (~$18.4M) over the last three months, leaving insiders with 0.41% ownership.
• Analyst and company updates: Cummins has a "Moderate Buy" consensus (11 Buys, 6 Holds) with an average price target of $588.93, after reporting $5.81 EPS on $8.54B revenue (beating estimates) and declaring a $2.00 quarterly dividend (~1.4% yield).

Schroder Investment Management Group trimmed its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 5.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 167,447 shares of the company's stock after selling 9,256 shares during the quarter. Schroder Investment Management Group owned about 0.12% of Cummins worth $70,232,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. United Capital Management of KS Inc. grew its holdings in shares of Cummins by 2.0% during the third quarter. United Capital Management of KS Inc. now owns 1,149 shares of the company's stock valued at $485,000 after buying an additional 22 shares during the last quarter. Stock Yards Bank & Trust Co. raised its holdings in Cummins by 0.4% in the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company's stock worth $2,499,000 after acquiring an additional 24 shares during the last quarter. Whittier Trust Co. lifted its position in Cummins by 0.9% in the 3rd quarter. Whittier Trust Co. now owns 2,667 shares of the company's stock valued at $1,154,000 after acquiring an additional 24 shares in the last quarter. Howard Capital Management Inc. lifted its position in Cummins by 2.9% in the 3rd quarter. Howard Capital Management Inc. now owns 863 shares of the company's stock valued at $365,000 after acquiring an additional 24 shares in the last quarter. Finally, BNP Paribas boosted its stake in Cummins by 1.8% during the 2nd quarter. BNP Paribas now owns 1,422 shares of the company's stock valued at $466,000 after purchasing an additional 25 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other Cummins news, VP Earl Newsome sold 1,300 shares of the company's stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total transaction of $758,771.00. Following the completion of the sale, the vice president directly owned 3,389 shares of the company's stock, valued at approximately $1,978,057.63. This represents a 27.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jennifer Mary Bush sold 4,270 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the transaction, the vice president owned 15,130 shares in the company, valued at $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,195 shares of company stock valued at $18,397,489 in the last three months. Corporate insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. Wolfe Research lowered Cummins from an "outperform" rating to a "peer perform" rating and set a $540.00 target price for the company. in a report on Monday, January 26th. Morgan Stanley reaffirmed an "overweight" rating and set a $675.00 price objective on shares of Cummins in a research report on Friday, February 6th. Raymond James Financial lifted their price objective on Cummins from $585.00 to $675.00 and gave the stock an "outperform" rating in a report on Monday, February 9th. Citigroup boosted their target price on Cummins from $580.00 to $630.00 and gave the stock a "buy" rating in a research report on Tuesday, January 13th. Finally, Argus set a $696.00 price target on shares of Cummins in a report on Tuesday, February 10th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Cummins has an average rating of "Moderate Buy" and an average price target of $588.93.

Cummins Stock Up 1.2%

Cummins stock opened at $556.71 on Wednesday. The stock has a market cap of $76.92 billion, a PE ratio of 27.13, a price-to-earnings-growth ratio of 1.74 and a beta of 1.12. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98. The stock has a fifty day moving average of $572.34 and a 200 day moving average of $493.52.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to analysts' expectations of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business's revenue for the quarter was up 1.1% on a year-over-year basis. During the same period last year, the firm posted $5.16 earnings per share. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

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 $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.4%. Cummins's dividend payout ratio (DPR) is presently 38.99%.

Cummins Company Profile

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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