Ontario Teachers Pension Plan Board Has $3.32 Million Stock Position in Cummins Inc. (NYSE:CMI)

Ontario Teachers Pension Plan Board lessened its position in Cummins Inc. (NYSE:CMI) by 73.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,238 shares of the company’s stock after selling 27,669 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Cummins were worth $3,315,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in shares of Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after acquiring an additional 604,735 shares during the last quarter. Pathway Financial Advisers LLC boosted its stake in shares of Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cummins by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after buying an additional 26,977 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Cummins by 1.9% during the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after buying an additional 31,190 shares during the last quarter. Finally, Marshfield Associates boosted its stake in Cummins by 0.3% in the second quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock valued at $288,699,000 after acquiring an additional 3,076 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CMI. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Robert W. Baird upped their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Truist Financial raised their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upped their price target on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Finally, StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus target price of $334.33.

Cummins Stock Down 0.6 %

Shares of CMI stock opened at $361.73 on Wednesday. The company has a market capitalization of $49.62 billion, a price-to-earnings ratio of 23.89, a P/E/G ratio of 1.77 and a beta of 0.97. Cummins Inc. has a 12-month low of $220.02 and a 12-month high of $370.21. The firm has a fifty day moving average of $331.59 and a 200-day moving average of $302.93. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.73 EPS. As a group, equities research analysts predict that Cummins Inc. will post 20.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.01%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,540,879.47. The trade was a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,576 shares of company stock valued at $9,033,945 in the last quarter. 0.56% of the stock is currently owned by insiders.

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.