Canada Pension Plan Investment Board Purchases 6,564 Shares of Cummins Inc. (CMI)
Canada Pension Plan Investment Board boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 1.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 355,673 shares of the company’s stock after buying an additional 6,564 shares during the period. Canada Pension Plan Investment Board’s holdings in Cummins were worth $57,697,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Johanson Financial Advisors Inc. increased its position in Cummins by 0.4% in the second quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock valued at $303,000 after buying an additional 7 shares in the last quarter. Bessemer Group Inc. increased its position in Cummins by 1.1% in the second quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock valued at $187,000 after buying an additional 12 shares in the last quarter. Alambic Investment Management L.P. increased its position in Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock valued at $365,000 after buying an additional 16 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Cummins by 2.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,496 shares of the company’s stock valued at $226,000 after buying an additional 31 shares in the last quarter. Finally, Community Bank N.A. increased its position in Cummins by 0.3% in the first quarter. Community Bank N.A. now owns 12,359 shares of the company’s stock valued at $1,869,000 after buying an additional 35 shares in the last quarter. 80.66% of the stock is owned by institutional investors.
Cummins Inc. (NYSE CMI) opened at 155.59 on Wednesday. The firm’s 50 day moving average price is $162.48 and its 200-day moving average price is $155.48. Cummins Inc. has a 12-month low of $116.03 and a 12-month high of $170.68. The company has a market capitalization of $25.98 billion, a PE ratio of 17.59 and a beta of 1.09.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period last year, the firm posted $2.40 earnings per share. Cummins’s quarterly revenue was up 12.1% on a year-over-year basis. On average, equities analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a dividend of $1.08 per share. The ex-dividend date is Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a dividend yield of 2.78%. Cummins’s payout ratio is 46.28%.
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A number of analysts have weighed in on CMI shares. Deutsche Bank AG reissued a “sell” rating and set a $154.00 target price (up previously from $142.00) on shares of Cummins in a research report on Wednesday, May 3rd. Royal Bank Of Canada reissued a “hold” rating and set a $166.00 target price on shares of Cummins in a research report on Monday, June 5th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Piper Jaffray Companies reissued a “hold” rating and set a $159.00 target price on shares of Cummins in a research report on Thursday, August 3rd. Finally, Stifel Nicolaus increased their target price on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $156.21.
In other news, CFO Pat Ward sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the transaction, the chief financial officer now directly owns 245 shares of the company’s stock, valued at $41,405. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Anant Talaulicar sold 1,650 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total value of $259,875.00. Following the transaction, the vice president now directly owns 13,029 shares in the company, valued at $2,052,067.50. The disclosure for this sale can be found here. Insiders have sold 60,969 shares of company stock worth $10,053,755 over the last three months. Insiders own 0.62% of the company’s stock.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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