Canada Pension Plan Investment Board Invests $275.36 Million in Cummins Inc. $CMI

Canada Pension Plan Investment Board bought a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 386,086 shares of the company’s stock, valued at approximately $275,360,000. Canada Pension Plan Investment Board owned 0.28% of Cummins as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in CMI. BlackRock Inc. purchased a new stake in shares of Cummins during the 2nd quarter worth $8,204,241,000. State Street Corp increased its holdings in Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after buying an additional 49,628 shares during the last quarter. Geode Capital Management LLC raised its stake in Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after buying an additional 35,286 shares in the last quarter. Fisher Asset Management LLC raised its stake in Cummins by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after buying an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in 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 worth $1,254,929,000 after buying an additional 2,434,876 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.3%

Cummins stock opened at $573.19 on Wednesday. The company has a market capitalization of $78.91 billion, a P/E ratio of 29.29, a PEG ratio of 1.36 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The stock has a 50-day simple moving average of $656.14 and a 200-day simple moving average of $628.10.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the prior year, the company earned $6.43 EPS. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.5%. Cummins’s payout ratio is presently 44.97%.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CMI. Wells Fargo & Company raised their target price on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. Weiss Ratings raised Cummins from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, August 17th. Argus increased their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Barclays boosted their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Raymond James Financial upped their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $745.64.

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.