Canada Pension Plan Investment Board Buys 39,600 Shares of Cummins Inc. (NYSE:CMI)

Canada Pension Plan Investment Board increased its stake in shares of Cummins Inc. (NYSE:CMI) by 66.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 99,200 shares of the company’s stock after buying an additional 39,600 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Cummins were worth $24,320,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Synovus Financial Corp raised its position in Cummins by 254.4% in the 1st quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock valued at $1,242,000 after purchasing an additional 4,378 shares during the last quarter. Cibc World Market Inc. raised its position in Cummins by 65.4% in the 1st quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock valued at $3,732,000 after purchasing an additional 7,191 shares during the last quarter. Sei Investments Co. raised its position in Cummins by 16.1% in the 1st quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock valued at $19,282,000 after purchasing an additional 13,058 shares during the last quarter. Prudential PLC bought a new position in Cummins in the 1st quarter valued at $711,000. Finally, Cetera Investment Advisers raised its position in Cummins by 43.0% in the 1st quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock valued at $1,313,000 after purchasing an additional 1,925 shares during the last quarter. Institutional investors own 81.81% of the company’s stock.

Cummins Stock Up 2.6 %

Shares of Cummins stock opened at $222.98 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 1.43 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $265.28. The business has a fifty day simple moving average of $226.08 and a 200 day simple moving average of $231.66. The stock has a market cap of $31.61 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 1.14 and a beta of 1.07.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Friday, November 24th will be paid a dividend of $1.68 per share. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 3.01%. Cummins’s dividend payout ratio (DPR) is presently 34.25%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CMI shares. The Goldman Sachs Group lifted their price objective on Cummins from $241.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 4th. JPMorgan Chase & Co. downgraded Cummins from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $270.00 to $255.00 in a research report on Monday, October 16th. Citigroup lifted their target price on Cummins from $265.00 to $290.00 and gave the company a “buy” rating in a research note on Tuesday, July 18th. Credit Suisse Group lowered their target price on Cummins from $290.00 to $288.00 and set an “outperform” rating for the company in a research note on Friday, August 4th. Finally, StockNews.com started coverage on Cummins in a research note on Thursday, October 5th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and an average price target of $264.50.

Cummins 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.