Ontario Teachers Pension Plan Board Sells 114,220 Shares of Cummins Inc. $CMI

Ontario Teachers Pension Plan Board lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 26.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 321,740 shares of the company’s stock after selling 114,220 shares during the quarter. Cummins makes up approximately 2.9% of Ontario Teachers Pension Plan Board’s holdings, making the stock its 8th largest holding. Ontario Teachers Pension Plan Board owned 0.23% of Cummins worth $135,893,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Stock Yards Bank & Trust Co. lifted its stake in shares of Cummins by 0.4% during the third quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock valued at $2,499,000 after buying an additional 24 shares during the period. Whittier Trust Co. raised its holdings in Cummins by 0.9% in the 3rd quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock valued at $1,154,000 after acquiring an additional 24 shares during the last quarter. Howard Capital Management Inc. lifted its stake in shares of Cummins by 2.9% during the 3rd quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock worth $365,000 after purchasing an additional 24 shares during the period. BNP Paribas lifted its stake in shares of Cummins by 1.8% during the 2nd quarter. BNP Paribas now owns 1,422 shares of the company’s stock worth $466,000 after purchasing an additional 25 shares during the period. Finally, Bridges Investment Management Inc. boosted its holdings in shares of Cummins by 3.2% during the third quarter. Bridges Investment Management Inc. now owns 845 shares of the company’s stock worth $357,000 after purchasing an additional 26 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CMI. UBS Group set a $565.00 target price on Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Citigroup upped their price objective on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Finally, Raymond James Financial increased their price target on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Trading Down 0.5%

NYSE CMI opened at $592.64 on Thursday. The firm has a market capitalization of $81.88 billion, a price-to-earnings ratio of 28.88, a PEG ratio of 1.88 and a beta of 1.13. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98. The company’s 50 day moving average price is $555.11 and its 200 day moving average price is $474.87.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the previous year, the firm earned $5.16 earnings per share. Cummins’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, February 20th. Cummins’s dividend payout ratio is currently 38.99%.

Insider Activity

In related news, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the sale, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider directly owned 9,271 shares in the company, valued at $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.41% of the company’s stock.

About Cummins

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.