Caisse DE Depot ET Placement DU Quebec Boosts Stake in Cummins Inc. (NYSE:CMI)

Caisse DE Depot ET Placement DU Quebec raised its holdings in Cummins Inc. (NYSE:CMI) by 4,161.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 81,818 shares of the company’s stock after acquiring an additional 79,898 shares during the quarter. Caisse DE Depot ET Placement DU Quebec’s holdings in Cummins were worth $26,492,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of CMI. PFG Investments LLC lifted its position in Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares during the last quarter. CWM LLC grew its position in Cummins by 17.4% in the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after acquiring an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC grew its position in Cummins by 109,309.3% in the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after acquiring an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Cummins in the second quarter valued at $16,329,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in Cummins during the second quarter valued at about $856,000. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CMI. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group increased their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. JPMorgan Chase & Co. increased their target price on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Finally, Barclays boosted their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and an average price target of $337.67.

Cummins Price Performance

Shares of Cummins stock opened at $375.04 on Monday. The company’s fifty day simple moving average is $342.77 and its two-hundred day simple moving average is $307.44. Cummins Inc. has a 12-month low of $223.35 and a 12-month high of $379.66. The firm has a market cap of $51.45 billion, a PE ratio of 24.77, a price-to-earnings-growth ratio of 1.82 and a beta of 0.97. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the firm earned $4.73 earnings per share. As a group, equities analysts expect that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Cummins Company Profile

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.