Cummins Inc. $CMI Shares Acquired by Public Sector Pension Investment Board

Public Sector Pension Investment Board increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,434 shares of the company’s stock after purchasing an additional 1,511 shares during the period. Public Sector Pension Investment Board’s holdings in Cummins were worth $9,475,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in CMI. Brighton Jones LLC raised its holdings in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the period. Intech Investment Management LLC raised its stake 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 valued at $1,240,000 after purchasing an additional 1,146 shares during the period. Harbour Investments Inc. raised its stake in shares of Cummins by 2.5% during the second quarter. Harbour Investments Inc. now owns 1,871 shares of the company’s stock valued at $613,000 after purchasing an additional 45 shares during the period. International Assets Investment Management LLC lifted its position in shares of Cummins by 4.7% during the second quarter. International Assets Investment Management LLC now owns 2,878 shares of the company’s stock worth $942,000 after purchasing an additional 129 shares in the last quarter. Finally, Chicago Partners Investment Group LLC boosted its stake in shares of Cummins by 47.2% in the second quarter. Chicago Partners Investment Group LLC now owns 2,328 shares of the company’s stock valued at $843,000 after purchasing an additional 746 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CMI. Wells Fargo & Company upped their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Sanford C. Bernstein set a $600.00 price target on Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. raised their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Raymond James Financial upped their target price on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Finally, Morgan Stanley reissued an “overweight” rating and set a $675.00 price target on shares of Cummins in a research report on Friday, February 6th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Cummins Stock Performance

Cummins stock opened at $600.30 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The company has a fifty day moving average price of $551.85 and a two-hundred day moving average price of $472.35. The company has a market cap of $82.94 billion, a PE ratio of 29.25, a P/E/G ratio of 1.90 and a beta of 1.13.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same period in the prior year, the company earned $5.16 earnings per share. The firm’s revenue was up 1.1% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Insider Buying and Selling

In other news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider directly owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.41% of the company’s stock.

About Cummins

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.