Ontario Teachers Pension Plan Board Sells 35,239 Shares of Cummins Inc. (NYSE:CMI)

Ontario Teachers Pension Plan Board lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 2.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,385,945 shares of the company’s stock after selling 35,239 shares during the period. Cummins comprises approximately 3.4% of Ontario Teachers Pension Plan Board’s investment portfolio, making the stock its 15th biggest holding. Ontario Teachers Pension Plan Board owned approximately 0.98% of Cummins worth $331,075,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Waldron Private Wealth LLC increased its holdings in Cummins by 4.7% during the first quarter. Waldron Private Wealth LLC now owns 1,047 shares of the company’s stock valued at $250,000 after buying an additional 47 shares during the period. Spears Abacus Advisors LLC grew its holdings in Cummins by 5.1% in the first quarter. Spears Abacus Advisors LLC now owns 982 shares of the company’s stock worth $235,000 after purchasing an additional 48 shares during the last quarter. Trust Co. of Vermont grew its holdings in Cummins by 0.8% in the first quarter. Trust Co. of Vermont now owns 6,319 shares of the company’s stock worth $1,509,000 after purchasing an additional 49 shares during the last quarter. Syntal Capital Partners LLC grew its holdings in Cummins by 1.0% in the first quarter. Syntal Capital Partners LLC now owns 4,948 shares of the company’s stock worth $1,182,000 after purchasing an additional 49 shares during the last quarter. Finally, MUFG Americas Holdings Corp grew its holdings in Cummins by 3.5% in the third quarter. MUFG Americas Holdings Corp now owns 1,462 shares of the company’s stock worth $298,000 after purchasing an additional 50 shares during the last quarter. Institutional investors own 81.81% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Citigroup lifted their price target on shares of Cummins from $265.00 to $290.00 and gave the stock a “buy” rating in a report on Tuesday, July 18th. 888 reaffirmed a “maintains” rating on shares of Cummins in a report on Wednesday, May 31st. The Goldman Sachs Group lifted their price target on shares of Cummins from $241.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 4th. StockNews.com initiated coverage on shares of Cummins in a report on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Credit Suisse Group dropped their price objective on shares of Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a report on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $266.17.

Cummins Stock Performance

NYSE:CMI traded down $0.90 during mid-day trading on Wednesday, hitting $234.50. The company’s stock had a trading volume of 369,693 shares, compared to its average volume of 958,794. Cummins Inc. has a 1 year low of $200.40 and a 1 year high of $265.28. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.40 and a quick ratio of 0.85. The stock has a market cap of $33.22 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.15 and a beta of 1.07. The business’s fifty day moving average is $243.58 and its two-hundred day moving average is $234.94.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $5.18 EPS for the quarter, missing the consensus estimate of $5.19 by ($0.01). Cummins had a net margin of 7.89% and a return on equity of 25.46%. The business had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.39 billion. During the same period in the previous year, the company posted $4.77 earnings per share. Cummins’s revenue for the quarter was up 30.6% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 19.91 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 7th. Investors of record on Friday, August 25th were given a dividend of $1.68 per share. The ex-dividend date was Thursday, August 24th. This is a positive change from Cummins’s previous quarterly dividend of $1.57. This represents a $6.72 dividend on an annualized basis and a yield of 2.87%. Cummins’s payout ratio is presently 37.65%.

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.