Cummins Inc. (NYSE:CMI) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board cut its stake in shares of Cummins Inc. (NYSE:CMI) by 33.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 105,609 shares of the company’s stock after selling 52,023 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Cummins were worth $36,815,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CMI. Global Trust Asset Management LLC raised its holdings in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares in the last quarter. BankPlus Trust Department acquired a new stake in Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc purchased a new stake in Cummins in the fourth quarter valued at $27,000. Meeder Asset Management Inc. boosted its stake in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after acquiring an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC purchased a new position in shares of Cummins during the fourth quarter worth about $28,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

CMI stock opened at $281.37 on Friday. The firm has a market cap of $38.76 billion, a P/E ratio of 9.99, a P/E/G ratio of 2.19 and a beta of 1.07. The stock’s 50 day simple moving average is $326.83 and its 200 day simple moving average is $345.26. 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 Inc. has a 12-month low of $260.02 and a 12-month high of $387.90.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the company earned $4.14 earnings per share. The business’s revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is 25.84%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. decreased their price objective on Cummins from $375.00 to $308.00 and set a “neutral” rating for the company in a report on Friday, April 11th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Truist Financial lowered their price target on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. UBS Group cut Cummins from a “buy” rating to a “sell” rating and decreased their price objective for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, Citigroup dropped their target price on Cummins from $360.00 to $320.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $346.00.

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.