Varma Mutual Pension Insurance Co Raises Stake in Cummins Inc. $CMI

Varma Mutual Pension Insurance Co grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 14.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 40,720 shares of the company’s stock after acquiring an additional 5,100 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Cummins were worth $17,199,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in Cummins in the second quarter worth $505,941,000. American Century Companies Inc. lifted its stake in shares of Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after acquiring an additional 528,689 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after acquiring an additional 488,430 shares during the period. Ontario Teachers Pension Plan Board grew its position in Cummins by 5,158.9% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock worth $142,777,000 after acquiring an additional 427,670 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CMI. Wells Fargo & Company upped their price target on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Argus set a $696.00 price target on Cummins in a report on Tuesday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Morgan Stanley reissued an “overweight” rating and set a $675.00 target price on shares of Cummins in a research note on Friday, February 6th. Finally, Barclays raised their price target on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Insider Buying and Selling at Cummins

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.41% of the company’s stock.

Cummins Trading Down 1.8%

NYSE CMI opened at $588.20 on Friday. The firm has a market capitalization of $81.27 billion, a PE ratio of 28.66, a P/E/G ratio of 1.89 and a beta of 1.13. The stock’s 50 day moving average is $548.19 and its 200 day moving average is $467.67. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $5.16 earnings per share. Research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed 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. This represents a $8.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, February 20th. Cummins’s dividend payout ratio is 38.99%.

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.