Cummins Inc. $CMI Shares Sold by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund lessened its holdings in Cummins Inc. (NYSE:CMI) by 88.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,487 shares of the company’s stock after selling 264,296 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Cummins were worth $18,017,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Thompson Investment Management Inc. purchased a new position in Cummins in the fourth quarter valued at about $26,000. Activest Wealth Management boosted its position in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the period. Cedar Mountain Advisors LLC boosted its position in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares during the period. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins in the fourth quarter valued at about $27,000. Finally, Key Financial Inc grew its stake in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares of the company’s stock, valued at $5,912,010.72. The trade was a 8.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,579 shares of company stock worth $9,377,684 over the last ninety days. Insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CMI shares. Truist Financial upped their price target on Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Barclays boosted their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Citigroup upped their target price on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Argus raised their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Finally, Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $740.07.

Cummins Price Performance

CMI stock opened at $662.51 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 52-week low of $354.68 and a 52-week high of $737.76. The stock’s 50 day moving average is $671.89 and its two-hundred day moving average is $620.71. The company has a market capitalization of $91.42 billion, a PE ratio of 34.38, a P/E/G ratio of 1.62 and a beta of 1.22.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the prior year, the business posted $5.96 EPS. The business’s revenue was up 2.7% on a year-over-year basis. Analysts predict that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.3%. Cummins’s payout ratio is currently 41.52%.

Cummins Profile

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.