Ontario Teachers Pension Plan Board Cuts Stake in Cummins Inc. (NYSE:CMI)

Ontario Teachers Pension Plan Board cut its holdings in Cummins Inc. (NYSE:CMI) by 9.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,271 shares of the company’s stock after selling 967 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Cummins were worth $3,232,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CMI. Chiron Investment Management LLC raised its stake in Cummins by 1,741.9% in the fourth quarter. Chiron Investment Management LLC now owns 11,070 shares of the company’s stock worth $3,859,000 after buying an additional 10,469 shares in the last quarter. Aware Super Pty Ltd as trustee of Aware Super acquired a new stake in shares of Cummins during the 4th quarter valued at about $5,782,000. Canada Post Corp Registered Pension Plan acquired a new position in shares of Cummins during the 4th quarter worth approximately $7,869,000. XTX Topco Ltd acquired a new position in Cummins during the fourth quarter worth $773,000. Finally, CreativeOne Wealth LLC lifted its stake in Cummins by 5.9% in the 4th quarter. CreativeOne Wealth LLC now owns 966 shares of the company’s stock valued at $337,000 after buying an additional 54 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Up 0.8 %

CMI opened at $288.10 on Tuesday. The firm has a market cap of $39.68 billion, a price-to-earnings ratio of 10.23, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The business’s 50 day moving average is $333.97 and its two-hundred day moving average is $346.72. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $8.06 billion. During the same period in the previous year, the company posted $4.14 EPS. The company’s quarterly revenue was down 1.1% on a year-over-year basis. On average, research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Analyst Ratings Changes

A number of research firms have recently issued reports on CMI. Truist Financial dropped their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Robert W. Baird increased their price target on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Citigroup cut their price target on shares of Cummins from $360.00 to $320.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Finally, Barclays upped their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $354.17.

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.