Man Group plc Sells 84,885 Shares of Cummins Inc. (NYSE:CMI)

Man Group plc lowered its position in shares of Cummins Inc. (NYSE:CMI) by 40.2% in the fourth quarter, HoldingsChannel reports. The fund owned 126,244 shares of the company’s stock after selling 84,885 shares during the period. Man Group plc’s holdings in Cummins were worth $44,009,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Global Trust Asset Management LLC boosted its position in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new position in Cummins during the 4th quarter worth approximately $26,000. Compass Financial Services Inc acquired a new position in Cummins during the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. boosted its position in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC acquired a new position in Cummins during the 4th quarter worth approximately $28,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent research reports. Morgan Stanley upped their price target on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. UBS Group downgraded Cummins from a “buy” rating to a “sell” rating and cut their price objective for the company from $400.00 to $240.00 in a report on Monday, April 7th. Truist Financial cut their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Evercore ISI increased their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Finally, Citigroup increased their price objective on Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a report on Monday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average target price of $354.83.

Cummins Trading Down 0.3%

Shares of Cummins stock opened at $333.47 on Thursday. The business has a fifty day simple moving average of $303.97 and a two-hundred day simple moving average of $341.37. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a market capitalization of $45.94 billion, a price-to-earnings ratio of 11.84, a P/E/G ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) 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 business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter last year, the firm posted $5.08 EPS. The company’s quarterly revenue was down 2.7% on a year-over-year basis. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.18%. The ex-dividend date is Friday, May 23rd. Cummins’s dividend payout ratio is 36.22%.

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.