National Pension Service Has $212.55 Million Stock Holdings in Cummins Inc. $CMI

National Pension Service lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 71.2% during the fourth quarter, Holdings Channel reports. The firm owned 416,389 shares of the company’s stock after purchasing an additional 173,143 shares during the quarter. National Pension Service’s holdings in Cummins were worth $212,546,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CMI. Brighton Jones LLC raised its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the period. Intech Investment Management LLC raised its position in shares of Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after purchasing an additional 1,146 shares during the period. Treasurer of the State of North Carolina raised its position in shares of Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after purchasing an additional 1,759 shares during the period. ICW Investment Advisors LLC acquired a new stake in shares of Cummins during the second quarter worth $225,000. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of Cummins during the second quarter worth $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 3.3%

NYSE:CMI opened at $646.53 on Friday. The firm has a market capitalization of $89.21 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 1.63 and a beta of 1.27. Cummins Inc. has a 1-year low of $307.90 and a 1-year high of $718.08. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The business’s fifty day moving average price is $623.70 and its 200 day moving average price is $569.87.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the company posted $5.96 earnings per share. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, sell-side analysts forecast that Cummins Inc. will post 29.4 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be paid a $2.00 dividend. The ex-dividend date is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins’s payout ratio is 41.52%.

Insider Transactions at Cummins

In other Cummins news, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the transaction, the vice president owned 8,508 shares in the company, valued at $5,784,589.20. The trade was a 29.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the transaction, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. This trade represents a 14.60% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 17,633 shares of company stock valued at $11,653,357. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of recent analyst reports. Raymond James Financial boosted their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday. UBS Group set a $565.00 target price on Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Morgan Stanley boosted their target price on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $700.50.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.