Caisse DE Depot ET Placement DU Quebec Has $26.49 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 4,161.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,818 shares of the company’s stock after buying an additional 79,898 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned 0.06% of Cummins worth $26,492,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins in the second quarter worth approximately $28,000. Cultivar Capital Inc. purchased a new stake in Cummins in the 2nd quarter valued at $28,000. Lynx Investment Advisory purchased a new stake in Cummins in the 2nd quarter valued at $29,000. Prospera Private Wealth LLC bought a new position in Cummins during the 3rd quarter valued at $32,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins in the 3rd quarter worth $34,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Citigroup increased their price target on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Robert W. Baird boosted their price objective on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised their target price on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $337.67.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total transaction of $784,065.87. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by company insiders.

Cummins Price Performance

NYSE CMI opened at $375.04 on Monday. The company has a market cap of $51.45 billion, a PE ratio of 24.77, a price-to-earnings-growth ratio of 1.82 and a beta of 0.97. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm’s 50-day simple moving average is $342.77 and its two-hundred day simple moving average is $307.44. Cummins Inc. has a 52 week low of $223.35 and a 52 week high of $379.66.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the firm earned $4.73 EPS. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. Research analysts predict that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Cummins 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.