Canada Pension Plan Investment Board Sells 52,023 Shares of Cummins Inc. (NYSE:CMI)

Canada Pension Plan Investment Board decreased its position in Cummins Inc. (NYSE:CMI - Free Report) by 33.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 105,609 shares of the company's stock after selling 52,023 shares during the quarter. Canada Pension Plan Investment Board owned about 0.08% of Cummins worth $36,815,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP boosted its holdings in Cummins by 51.7% in the 3rd quarter. Wellington Management Group LLP now owns 4,289 shares of the company's stock valued at $1,389,000 after purchasing an additional 1,462 shares during the period. Advisory Resource Group grew its position in Cummins by 1.0% during the third quarter. Advisory Resource Group now owns 15,328 shares of the company's stock worth $4,963,000 after buying an additional 155 shares in the last quarter. SkyView Investment Advisors LLC increased its stake in Cummins by 3.9% during the 3rd quarter. SkyView Investment Advisors LLC now owns 5,334 shares of the company's stock worth $1,727,000 after acquiring an additional 202 shares during the period. Stock Yards Bank & Trust Co. raised its holdings in Cummins by 1.8% in the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,089 shares of the company's stock valued at $1,648,000 after acquiring an additional 88 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co bought a new stake in shares of Cummins during the 3rd quarter valued at $209,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Performance

NYSE:CMI traded up $5.10 during trading hours on Wednesday, reaching $284.21. The stock had a trading volume of 852,699 shares, compared to its average volume of 921,027. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a 50 day simple moving average of $323.22 and a 200 day simple moving average of $344.66. The stock has a market cap of $39.15 billion, a P/E ratio of 10.09, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm's quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.14 EPS. On average, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.56%. Cummins's dividend payout ratio (DPR) is currently 25.84%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CMI shares. Barclays boosted their price target on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. StockNews.com cut shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Robert W. Baird dropped their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, Citigroup reduced their price objective on Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $346.00.

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.