Cummins Inc. $CMI is Ontario Teachers Pension Plan Board’s 10th Largest Position

Ontario Teachers Pension Plan Board increased its position in Cummins Inc. (NYSE:CMI) by 5,158.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 435,960 shares of the company’s stock after buying an additional 427,670 shares during the period. Cummins comprises 2.8% of Ontario Teachers Pension Plan Board’s portfolio, making the stock its 10th largest holding. Ontario Teachers Pension Plan Board owned approximately 0.32% of Cummins worth $142,777,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CMI. Vanguard Group Inc. raised its holdings in Cummins by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after acquiring an additional 321,823 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Cummins by 1.3% in the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after purchasing an additional 43,720 shares during the period. Northern Trust Corp increased its stake in Cummins by 1.2% in the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock valued at $597,170,000 after purchasing an additional 22,202 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Cummins by 0.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after buying an additional 8,487 shares during the period. Finally, Raymond James Financial Inc. boosted its stake in Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after buying an additional 817,384 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 1.3%

Shares of Cummins stock opened at $461.54 on Friday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $484.84. The stock has a market cap of $63.71 billion, a price-to-earnings ratio of 21.70, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company has a fifty day moving average price of $428.42 and a 200 day moving average price of $375.53.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. During the same quarter in the previous year, the firm posted $5.86 earnings per share. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.7%. Cummins’s payout ratio is 41.52%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Sanford C. Bernstein reiterated a “market perform” rating and set a $475.00 price objective on shares of Cummins in a report on Friday, November 7th. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday. Barclays upped their price objective on Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Ten investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $445.93.

Insider Buying and Selling

In other news, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 38,127 shares of company stock worth $16,993,030 in the last 90 days. 0.41% of the stock is owned by insiders.

About Cummins

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.