Cummins Inc. (NYSE:CMI) Shares Sold by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board trimmed its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 73.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 10,238 shares of the company's stock after selling 27,669 shares during the period. Ontario Teachers Pension Plan Board's holdings in Cummins were worth $3,315,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CMI. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins during the second quarter valued at $28,000. Cultivar Capital Inc. bought a new stake in shares of Cummins in the second quarter worth $28,000. Lynx Investment Advisory purchased a new stake in Cummins during the second quarter valued at $29,000. LRI Investments LLC bought a new position in shares of Cummins in the 1st quarter worth approximately $31,000. Finally, Prospera Private Wealth LLC purchased a new stake in Cummins during the third quarter valued at approximately $32,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CMI shares. StockNews.com upgraded Cummins from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. boosted their price target on Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a report on Friday, October 11th. Evercore ISI raised shares of Cummins from an "in-line" rating to an "outperform" rating and increased their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Robert W. Baird boosted their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. Finally, Citigroup raised their target price on shares of Cummins from $375.00 to $415.00 and gave the company a "buy" rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $337.67.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total transaction of $784,065.87. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company's stock in a transaction dated 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 transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,576 shares of company stock worth $9,033,945 over the last 90 days. Company insiders own 0.56% of the company's stock.

Cummins Trading Down 0.3 %

Cummins stock traded down $0.91 during trading hours on Wednesday, hitting $360.95. The company had a trading volume of 481,409 shares, compared to its average volume of 1,467,508. The firm has a market cap of $49.52 billion, a P/E ratio of 23.77, a P/E/G ratio of 1.77 and a beta of 0.97. The company has a 50-day moving average price of $331.59 and a two-hundred day moving average price of $302.93. Cummins Inc. has a 1 year low of $220.02 and a 1 year high of $370.21. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins's quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the business posted $4.73 EPS. On average, sell-side analysts anticipate that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins's payout ratio is 48.08%.

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.