Canada Pension Plan Investment Board Reduces Holdings in Cummins Inc. (NYSE:CMI)

Canada Pension Plan Investment Board trimmed its holdings in shares of Cummins Inc. (NYSE:CMIFree Report) by 36.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,200 shares of the company’s stock after selling 36,000 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Cummins were worth $14,439,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Aptus Capital Advisors LLC boosted its stake in Cummins by 44.2% in the 3rd quarter. Aptus Capital Advisors LLC now owns 1,462 shares of the company’s stock worth $334,000 after purchasing an additional 448 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Cummins during the third quarter worth $39,000. HighTower Advisors LLC grew its holdings in shares of Cummins by 98.0% during the third quarter. HighTower Advisors LLC now owns 392,915 shares of the company’s stock valued at $89,801,000 after buying an additional 194,485 shares during the last quarter. Pathstone Family Office LLC grew its stake in Cummins by 61.8% during the 3rd quarter. Pathstone Family Office LLC now owns 9,227 shares of the company’s stock valued at $2,125,000 after purchasing an additional 3,525 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of Cummins by 3.3% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 18,343 shares of the company’s stock valued at $4,191,000 after purchasing an additional 587 shares during the period. Hedge funds and other institutional investors own 81.81% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $251.78 on Monday. The stock has a market capitalization of $35.69 billion, a P/E ratio of 48.61, a P/E/G ratio of 1.68 and a beta of 1.02. The company’s fifty day moving average price is $238.98 and its 200 day moving average price is $233.16. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $265.28.

Cummins (NYSE:CMIGet Free Report) last announced its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $8.10 billion. During the same quarter last year, the business earned $4.52 EPS. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 18.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CMI. Bank of America lowered Cummins from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $243.00 to $225.00 in a research report on Friday, January 19th. TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 16th. TD Cowen lifted their price objective on Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Finally, JPMorgan Chase & Co. lowered their target price on Cummins from $255.00 to $245.00 and set an “underweight” rating on the stock in a research note on Thursday, January 18th. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $261.67.

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Cummins Company Profile

(Free Report)

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

Further Reading

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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