Ontario Teachers Pension Plan Board Sells 27,669 Shares of Cummins Inc. (NYSE:CMI)

Ontario Teachers Pension Plan Board cut its position in shares of Cummins Inc. (NYSE:CMI) by 73.0% during the 3rd quarter, Holdings Channel reports. The firm owned 10,238 shares of the company’s stock after selling 27,669 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Cummins were worth $3,315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the company. PFG Investments LLC increased its position in Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after buying an additional 485 shares during the last quarter. CWM LLC increased its holdings in shares of Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after acquiring an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC raised its stake in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after acquiring an additional 59,027 shares during the period. Manning & Napier Advisors LLC bought a new stake in Cummins in the 2nd quarter valued at $16,329,000. Finally, Cetera Advisors LLC lifted its holdings in Cummins by 162.9% during the 1st quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock valued at $6,739,000 after purchasing an additional 14,170 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the stock. The Goldman Sachs Group upped their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Barclays upped their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Truist Financial boosted their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Finally, Robert W. Baird increased their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $334.33.

Insider Activity at Cummins

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

Cummins Price Performance

Cummins stock opened at $361.73 on Wednesday. The stock’s fifty day moving average price is $331.59 and its two-hundred day moving average price is $302.93. The firm has a market cap of $49.62 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins Inc. has a one year low of $220.02 and a one year high of $370.21.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for 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%. Cummins’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the business earned $4.73 earnings per share. As a group, research analysts expect that Cummins Inc. will post 20.57 EPS for the current fiscal year.

Cummins Announces Dividend

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

About Cummins

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.