OMERS ADMINISTRATION Corp Raises Stock Position in Cummins Inc. $CMI

OMERS ADMINISTRATION Corp increased its position in shares of Cummins Inc. (NYSE:CMI) by 24.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,599 shares of the company’s stock after acquiring an additional 2,084 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Cummins were worth $5,702,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. Northwestern Mutual Wealth Management Co. grew its position in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares in the last quarter. Norges Bank bought a new position in shares of Cummins in the fourth quarter worth $863,441,000. Boston Partners purchased a new stake in shares of Cummins in the third quarter worth $473,471,000. SG Americas Securities LLC raised its position in shares of Cummins by 257.9% in the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after buying an additional 530,812 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Cummins by 245.1% during the fourth quarter. First Trust Advisors LP now owns 542,796 shares of the company’s stock valued at $277,071,000 after buying an additional 385,525 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on CMI. Raymond James Financial boosted their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. UBS Group reaffirmed a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Argus lifted their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. JPMorgan Chase & Co. boosted their price objective on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Cummins has an average rating of “Moderate Buy” and an average target price of $740.07.

Insider Buying and Selling

In other Cummins news, EVP Bonnie J. Fetch sold 652 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the transaction, the executive vice president directly owned 11,679 shares in the company, valued at $8,177,519.01. This trade represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 over the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Cummins Stock Down 0.1%

Shares of NYSE:CMI opened at $663.96 on Monday. Cummins Inc. has a 52-week low of $354.68 and a 52-week high of $737.76. The firm has a fifty day moving average of $672.19 and a 200 day moving average of $619.89. The firm has a market capitalization of $91.62 billion, a PE ratio of 34.46, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the prior year, the firm earned $5.96 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. As a group, research analysts anticipate that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.3%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is 45.67%.

Cummins 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.