Ontario Teachers Pension Plan Board Sells 967 Shares of Cummins Inc. (NYSE:CMI)

Ontario Teachers Pension Plan Board lessened its stake in Cummins Inc. (NYSE:CMI - Free Report) by 9.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,271 shares of the company's stock after selling 967 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Cummins were worth $3,232,000 as of its most recent filing with the SEC.

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

Analysts Set New Price Targets

A number of analysts recently commented on CMI shares. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and dropped their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Citigroup reduced their price objective on Cummins from $360.00 to $320.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. reduced their target price on Cummins from $375.00 to $308.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Robert W. Baird cut their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday. Finally, Truist Financial dropped their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Cummins has a consensus rating of "Hold" and an average price target of $346.00.

Cummins Stock Up 0.3 %

CMI traded up $0.81 during trading on Friday, reaching $281.37. 624,084 shares of the stock traded hands, compared to its average volume of 811,363. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The stock's 50-day simple moving average is $328.65 and its two-hundred day simple moving average is $345.57. The stock has a market cap of $38.76 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07.

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

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.59%. The ex-dividend date was Friday, February 21st. Cummins's payout ratio is 25.84%.

Cummins 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.