AIA Group Ltd Acquires Shares of 3,866 Cummins Inc. (NYSE:CMI)

AIA Group Ltd acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, HoldingsChannel reports. The fund acquired 3,866 shares of the company’s stock, valued at approximately $926,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in Cummins during the third quarter valued at $25,000. Silver Oak Securities Incorporated acquired a new stake in shares of Cummins in the third quarter valued at about $28,000. Tyler Stone Wealth Management acquired a new stake in shares of Cummins in the second quarter valued at about $30,000. Global Wealth Strategies & Associates acquired a new stake in shares of Cummins in the third quarter valued at about $29,000. Finally, Quarry LP acquired a new stake in shares of Cummins in the first quarter valued at about $32,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of CMI opened at $287.56 on Friday. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The stock has a market cap of $39.33 billion, a PE ratio of 55.51, a P/E/G ratio of 1.99 and a beta of 1.04. The firm has a 50-day simple moving average of $280.26 and a two-hundred day simple moving average of $248.36. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the business earned $4.52 earnings per share. Cummins’s revenue was up 9.9% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 18.27 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.

Insider Buying and Selling at Cummins

In related news, Director Daniel William Fisher purchased 562 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Cummins news, Director Daniel William Fisher acquired 562 shares of the stock in a transaction dated Tuesday, February 27th. The stock was acquired at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the transaction, the senior vice president now directly owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 over the last three months. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and increased their target price for the company from $254.00 to $321.00 in a research report on Friday, March 15th. JPMorgan Chase & Co. increased their target price on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. TD Cowen increased their target price on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Truist Financial began coverage on shares of Cummins in a research report on Thursday, March 14th. They set a “hold” rating and a $303.00 price objective for the company. Finally, Morgan Stanley began coverage on shares of Cummins in a research report on Monday, January 8th. They set an “overweight” rating and a $278.00 price objective for the company. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus target price of $279.70.

Cummins Company 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.