Cummins Inc. $CMI Shares Acquired by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund increased its stake in Cummins Inc. (NYSE:CMI) by 1,074.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 297,783 shares of the company’s stock after buying an additional 272,428 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Cummins were worth $152,003,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Frank Rimerman Advisors LLC boosted its position in shares of Cummins by 0.5% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after acquiring an additional 18 shares during the last quarter. Financial Consulate Inc. boosted its position in shares of Cummins by 16.8% in the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after acquiring an additional 18 shares during the last quarter. ICW Investment Advisors LLC boosted its position in shares of Cummins by 2.6% in the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after acquiring an additional 18 shares during the last quarter. Gilbert & Cook Inc. boosted its position in shares of Cummins by 1.0% in the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock worth $947,000 after acquiring an additional 19 shares during the last quarter. Finally, Sound View Wealth Advisors Group LLC boosted its position in shares of Cummins by 2.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock worth $501,000 after acquiring an additional 20 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 0.6%

NYSE CMI opened at $659.77 on Friday. The company’s fifty day simple moving average is $648.43 and its 200-day simple moving average is $583.26. Cummins Inc. has a 52 week low of $307.90 and a 52 week high of $718.08. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a market cap of $91.04 billion, a P/E ratio of 34.24, a PEG ratio of 1.61 and a beta of 1.23.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the company posted $5.96 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities research analysts predict that Cummins Inc. will post 29.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is presently 41.52%.

Analysts Set New Price Targets

A number of research analysts have weighed in on CMI shares. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Citigroup lifted their price target on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Evercore reaffirmed an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus target price of $726.14.

Insider Buying and Selling at Cummins

In other news, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the transaction, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is owned by company insiders.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.