Public Sector Pension Investment Board Boosts Holdings in Cummins Inc. (NYSE:CMI)

Public Sector Pension Investment Board increased its stake in Cummins Inc. (NYSE:CMI - Free Report) by 14.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 304,002 shares of the company's stock after buying an additional 38,400 shares during the period. Public Sector Pension Investment Board owned 0.22% of Cummins worth $98,433,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fiduciary Trust Co raised its stake in shares of Cummins by 26.3% during the third quarter. Fiduciary Trust Co now owns 2,428 shares of the company's stock valued at $786,000 after acquiring an additional 505 shares in the last quarter. First Commonwealth Financial Corp PA raised its position in Cummins by 13.2% during the 3rd quarter. First Commonwealth Financial Corp PA now owns 1,494 shares of the company's stock valued at $484,000 after purchasing an additional 174 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in shares of Cummins in the 3rd quarter worth $295,000. BNP Paribas lifted its holdings in shares of Cummins by 5.4% in the 3rd quarter. BNP Paribas now owns 982 shares of the company's stock worth $318,000 after buying an additional 50 shares during the period. Finally, Freedom Investment Management Inc. grew its position in shares of Cummins by 405.2% during the 3rd quarter. Freedom Investment Management Inc. now owns 3,663 shares of the company's stock worth $1,186,000 after buying an additional 2,938 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 6,489 shares of company stock worth $2,357,531 in the last ninety days. 0.56% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of research reports. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a research note on Friday, October 11th. Vertical Research cut shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price target for the company. in a research report on Wednesday, November 6th. Citigroup lifted their price objective on shares of Cummins from $375.00 to $415.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Robert W. Baird boosted their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Finally, Barclays increased their target price on Cummins from $259.00 to $310.00 and gave the company an "equal weight" rating in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have issued 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 stock has an average rating of "Hold" and an average price target of $337.67.

Cummins Stock Performance

CMI stock traded down $6.36 during midday trading on Thursday, hitting $371.03. 549,974 shares of the stock traded hands, compared to its average volume of 1,446,962. The stock's fifty day simple moving average is $340.19 and its 200-day simple moving average is $306.22. The firm has a market cap of $50.90 billion, a P/E ratio of 24.49, a PEG ratio of 1.82 and a beta of 0.97. Cummins Inc. has a 1-year low of $222.75 and a 1-year high of $379.66. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts' consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.29 billion. During the same period in the prior year, the business posted $4.73 earnings per share. The firm's revenue for the quarter was up .3% on a year-over-year basis. On average, analysts expect that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.96%. 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.