Cummins Inc. $CMI Stock Position Increased by Public Sector Pension Investment Board

Public Sector Pension Investment Board grew its position in Cummins Inc. (NYSE:CMI) by 7.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 22,434 shares of the company’s stock after purchasing an additional 1,511 shares during the period. Public Sector Pension Investment Board’s holdings in Cummins were worth $9,475,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Flagship Wealth Advisors LLC bought a new position in Cummins in the 3rd quarter worth approximately $28,000. Salomon & Ludwin LLC grew its stake in shares of Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after purchasing an additional 80 shares in the last quarter. Guerra Advisors Inc acquired a new position in shares of Cummins during the third quarter valued at $36,000. Tripletail Wealth Management LLC acquired a new position in shares of Cummins during the third quarter valued at $39,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Cummins during the second quarter valued at about $31,000. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CMI shares. Truist Financial reiterated a “buy” rating and issued a $703.00 target price (up previously from $653.00) on shares of Cummins in a research report on Friday, February 6th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Citigroup boosted their target price on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. UBS Group set a $565.00 price target on Cummins and gave the company a “neutral” rating in a research note on Friday, February 6th. Finally, Raymond James Financial boosted their price objective on 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 issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Price Performance

NYSE CMI opened at $600.30 on Tuesday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The business’s fifty day moving average is $551.85 and its two-hundred day moving average is $472.35. The stock has a market capitalization of $82.94 billion, a P/E ratio of 29.25, a P/E/G ratio of 1.90 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 (NYSE:CMI) last released its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company’s revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company posted $5.16 EPS. On average, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

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

Insider Transactions at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction that occurred on Tuesday, November 25th. The shares were 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 of the company’s stock, valued at $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the sale, the director owned 34,243 shares in the company, valued at $20,446,495.30. This represents a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is currently owned by corporate insiders.

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.