Cummins Inc. $CMI Shares Bought by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund raised its position in Cummins Inc. (NYSE:CMI) by 1,074.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 297,783 shares of the company’s stock after acquiring an additional 272,428 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.22% of Cummins worth $152,003,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Thompson Investment Management Inc. acquired a new stake in shares of Cummins in the 4th quarter worth $26,000. Activest Wealth Management lifted its stake in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the period. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins in the 4th quarter worth $27,000. Ares Financial Consulting LLC acquired a new stake in shares of Cummins in the 4th quarter worth $29,000. Finally, Holos Integrated Wealth LLC acquired a new stake in shares of Cummins in the 4th quarter worth $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and raised their target price for the stock from $565.00 to $850.00 in a research note on Monday, June 8th. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Robert W. Baird set a $700.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. Truist Financial set a $815.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. Finally, Wells Fargo & Company raised their price objective on shares of Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $726.14.

Insider Buying and Selling at Cummins

In other news, VP Nathan R. Stoner sold 607 shares of Cummins stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the sale, the vice president directly owned 9,447 shares in the company, valued at $6,556,784.82. The trade was a 6.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 13,579 shares of company stock valued at $9,377,684. Corporate insiders own 0.30% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $659.77 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The firm has a 50-day moving average price of $648.43 and a two-hundred day moving average price of $583.26. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08. The company has a market capitalization of $91.04 billion, a P/E ratio of 34.24, a price-to-earnings-growth ratio of 1.61 and a beta of 1.23.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period last year, the firm posted $5.96 EPS. As a group, research analysts expect that Cummins Inc. will post 29.29 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s payout ratio is 41.52%.

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.