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AEGON ASSET MANAGEMENT UK Plc increased its stake in Cummins Inc. by 11.0% during the fourth quarter, according to the firm’s latest filing with the Securities and Exchange Commission. The institutional investor reported owning 203,604 shares of Cummins after purchasing an additional 20,219 shares in the period.
Cummins accounted for about 1.2% of AEGON ASSET MANAGEMENT UK Plc’s holdings, making it the company’s 16th largest position. At the end of the most recent quarter, AEGON ASSET MANAGEMENT UK Plc valued its Cummins stake at approximately $103,917,000, representing about 0.15% of the investor’s portfolio.
Several other large investors also reported changes to their positions in Cummins. Vanguard Group Inc. increased its stake by 0.6% in the fourth quarter, bringing its total to 17,746,775 shares valued at $9,058,841,000 after buying an additional 98,544 shares.
Fisher Asset Management LLC raised its holdings by 2.8% during the third quarter to 3,367,001 shares worth $1,422,121,000, following an additional purchase of 91,956 shares. Dimensional Fund Advisors LP increased its stake by 0.5% to 1,537,347 shares valued at $649,280,000 after buying 7,372 more shares.
Raymond James Financial Inc. increased its holdings by 4.5% in the third quarter to 1,515,473 shares worth $640,090,000, after purchasing an additional 64,822 shares. Bank of New York Mellon Corp boosted its position by 50.8% during the third quarter to 1,450,659 shares valued at $612,715,000, following an additional purchase of 488,430 shares.
Overall, 83.46% of Cummins stock is owned by institutional investors.
On Friday, Cummins opened at $660.83. The company has a market capitalization of $91.30 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 2.08, and a beta of 1.14.
Liquidity and leverage measures reported include a quick ratio of 1.16 and a current ratio of 1.76, with a debt-to-equity ratio of 0.51. Cummins’ 50-day moving average price is $576.44 and its 200-day moving average is $530.46. The stock’s 12-month range is $284.23 to $663.38.
Cummins last reported earnings on Thursday, February 5. The company posted earnings of $5.81 per share for the quarter, exceeding the consensus estimate of $5.17 by $0.64. Revenue was $8.54 billion, compared with the consensus estimate of $8.09 billion.
The company reported a net margin of 8.44% and a return on equity of 25.71%. Revenue increased 1.1% year over year. In the same quarter last year, Cummins earned $5.16 per share. Analysts expect Cummins to post 26.03 EPS for the current year.
Cummins also disclosed a quarterly dividend paid on Thursday, March 5. Investors of record on Friday, February 20 received $2.00 per share. The ex-dividend date was Friday, February 20. The dividend implies an $8.00 annualized payout and a yield of 1.2%, with a payout ratio of 38.99%.
In insider activity, VP Donald G. Jackson sold 1,600 shares on Tuesday, February 24 at an average price of $600.13, for total proceeds of $960,208.00. After the transaction, he owned 7,214 shares valued at $4,329,337.82, representing an 18.15% decrease in his position.
VP Amy Rochelle Davis sold 4,054 shares on Tuesday, March 3 at an average price of $561.34, totaling $2,275,672.36. Following the sale, she directly owned 15,807 shares valued at approximately $8,873,101.38, a 20.41% decrease in her position.
Insiders have sold 31,195 shares of company stock valued at $18,397,489 in the last quarter. Company insiders currently own 0.30% of the stock.
Analysts issued several updates to Cummins’ outlook. Truist Financial raised its price objective from $703.00 to $730.00 and reiterated a “buy” rating in a report dated Monday, April 20. Wells Fargo & Company increased its target from $630.00 to $693.00 and maintained an “overweight” rating in a report dated Monday, April 13.
Weiss Ratings restated a “buy (b)” rating in a report dated Friday, April 10. Barclays raised its price objective from $546.00 to $610.00 and kept an “overweight” rating in a report dated Friday, January 23. Sanford C. Bernstein set a $600.00 price objective and a “market perform” rating in a report dated Friday, February 6.
In total, eleven research analysts rated the stock as Buy and six assigned Hold ratings. Based on MarketBeat data, the stock’s average rating is “Moderate Buy,” with an average target price of $600.27.
Cummins Inc. (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins supplies internal combustion engines and technologies aimed at reducing emissions and improving 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 engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.
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