Cummins Inc. (NYSE:CMI) Stake Reduced by Man Group plc

Man Group plc lowered its stake in Cummins Inc. (NYSE:CMI - Free Report) by 40.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 126,244 shares of the company's stock after selling 84,885 shares during the quarter. Man Group plc owned 0.09% of Cummins worth $44,009,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. NorthRock Partners LLC acquired a new stake in Cummins in the 4th quarter worth about $273,000. Nuveen Asset Management LLC increased its position in shares of Cummins by 29.4% during the fourth quarter. Nuveen Asset Management LLC now owns 385,475 shares of the company's stock valued at $134,377,000 after acquiring an additional 87,505 shares during the last quarter. Mubadala Investment Co PJSC purchased a new stake in Cummins in the fourth quarter valued at approximately $3,903,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Cummins by 80.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,928 shares of the company's stock valued at $18,102,000 after buying an additional 23,078 shares in the last quarter. Finally, MJP Associates Inc. ADV raised its holdings in shares of Cummins by 132.4% in the 4th quarter. MJP Associates Inc. ADV now owns 1,441 shares of the company's stock valued at $502,000 after buying an additional 821 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Down 1.5%

Shares of NYSE CMI traded down $5.16 during trading on Tuesday, reaching $331.49. 304,324 shares of the stock were exchanged, compared to its average volume of 804,497. The business's 50-day moving average price is $304.17 and its 200 day moving average price is $341.58. The company has a market capitalization of $45.66 billion, a price-to-earnings ratio of 11.78, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same period last year, the firm earned $5.08 earnings per share. The company's revenue was down 2.7% on a year-over-year basis. As a group, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Friday, May 23rd. Cummins's dividend payout ratio (DPR) is currently 36.22%.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CMI. Citigroup raised their price target on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Morgan Stanley raised their target price on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Robert W. Baird decreased their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Finally, UBS Group lowered Cummins from a "buy" rating to a "sell" rating and cut their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of "Hold" and an average target price of $352.17.

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.