Royal London Asset Management Ltd. Sells 352 Shares of Cummins Inc. (NYSE:CMI)

Royal London Asset Management Ltd. lowered its position in Cummins Inc. (NYSE:CMI) by 0.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,851 shares of the company’s stock after selling 352 shares during the period. Royal London Asset Management Ltd.’s holdings in Cummins were worth $19,470,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Mariner Investment Group LLC bought a new stake in Cummins in the fourth quarter worth about $1,046,000. Alpha DNA Investment Management LLC bought a new stake in shares of Cummins during the third quarter valued at approximately $748,000. Franklin Resources Inc. raised its stake in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after acquiring an additional 99,464 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Cummins by 21.2% during the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after acquiring an additional 68,627 shares in the last quarter. Finally, Hancock Whitney Corp raised its stake in shares of Cummins by 545.1% during the third quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock valued at $12,508,000 after acquiring an additional 32,642 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CMI. Jefferies Financial Group lifted their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Friday, March 14th. Truist Financial lifted their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Citigroup reduced their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $389.50.

Cummins Price Performance

NYSE CMI opened at $321.78 on Friday. The firm’s fifty day simple moving average is $355.99 and its two-hundred day simple moving average is $347.12. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12-month low of $261.51 and a 12-month high of $387.90. The firm has a market capitalization of $44.24 billion, a P/E ratio of 11.42, a P/E/G ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period in the previous year, the company earned $4.14 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

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.