Canada Pension Plan Investment Board Has $40.24 Million Stock Position in Cummins Inc. (NYSE:CMI)

Canada Pension Plan Investment Board increased its position in shares of Cummins Inc. (NYSE:CMI) by 44.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 145,309 shares of the company’s stock after buying an additional 44,762 shares during the quarter. Canada Pension Plan Investment Board owned about 0.11% of Cummins worth $40,240,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Beacon Financial Group raised its stake in Cummins by 7.0% during the 4th quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after buying an additional 126 shares during the period. KBC Group NV raised its stake in Cummins by 283.2% during the 4th quarter. KBC Group NV now owns 77,585 shares of the company’s stock worth $18,587,000 after buying an additional 57,341 shares during the period. Manning & Napier Advisors LLC acquired a new position in Cummins during the 2nd quarter worth approximately $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Cummins by 13.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after buying an additional 21,850 shares during the period. Finally, Duality Advisers LP raised its stake in Cummins by 190.3% during the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock worth $5,433,000 after buying an additional 12,087 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on CMI shares. Barclays raised their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Evercore ISI upped their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Citigroup began coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price for the company. Raymond James began coverage on shares of Cummins in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Finally, Robert W. Baird increased their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $299.55.

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Stock Down 0.3 %

Cummins stock opened at $308.24 on Friday. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $322.83. The firm has a 50 day moving average price of $297.72 and a 200-day moving average price of $288.34. The company has a market capitalization of $42.16 billion, a P/E ratio of 22.57, a P/E/G ratio of 1.70 and a beta of 0.98. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the prior year, the firm earned $5.18 EPS. The company’s revenue was up 2.3% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 19.66 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were given a dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s dividend payout ratio is currently 53.29%.

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.