Canada Pension Plan Investment Board Sells 52,023 Shares of Cummins Inc. (NYSE:CMI)

Canada Pension Plan Investment Board lessened its stake in Cummins Inc. (NYSE:CMI) by 33.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 105,609 shares of the company’s stock after selling 52,023 shares during the period. Canada Pension Plan Investment Board owned 0.08% of Cummins worth $36,815,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Global Trust Asset Management LLC boosted its stake in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the last quarter. KG&L Capital Management LLC lifted its holdings in Cummins by 0.8% in the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after acquiring an additional 28 shares during the period. Signaturefd LLC grew its stake in shares of Cummins by 0.9% during the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after purchasing an additional 28 shares during the period. Massachusetts Wealth Management increased its holdings in shares of Cummins by 0.6% during the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after purchasing an additional 30 shares in the last quarter. Finally, Avestar Capital LLC lifted its stake in shares of Cummins by 3.2% in the 4th quarter. Avestar Capital LLC now owns 987 shares of the company’s stock valued at $344,000 after purchasing an additional 31 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on CMI. JPMorgan Chase & Co. dropped their price target on shares of Cummins from $375.00 to $308.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. Morgan Stanley cut their price target on Cummins from $425.00 to $340.00 and set an “overweight” rating for the company in a research note on Wednesday. Truist Financial lowered their price target on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Finally, Evercore ISI increased their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $346.00.

Cummins Stock Up 0.3 %

CMI stock opened at $281.37 on Friday. The company has a market cap of $38.76 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 2.19 and a beta of 1.07. The firm has a 50-day moving average of $326.83 and a two-hundred day moving average of $345.26. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. 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 (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period last year, the company earned $4.14 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 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.