Stocks: Canada Pension Plan Investment Board Increases Stake in Cummins Inc. (CMI)

Stocks: Canada Pension Plan Investment Board Increases Stake in Cummins Inc. (CMI)

Canada Pension Plan Investment Board boosted its position in Cummins Inc. (NYSE:CMI) by 17.6% during the first quarter, Holdings Channel reports. The firm owned 349,109 shares of the company’s stock after buying an additional 52,226 shares during the period. Canada Pension Plan Investment Board owned 0.21% of Cummins worth $52,785,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Cordasco Financial Network raised its position in shares of Cummins by 0.6% in the first quarter. Cordasco Financial Network now owns 1,409 shares of the company’s stock valued at $213,000 after buying an additional 9 shares during the period. Hodges Capital Management Inc. increased its stake in Cummins by 0.8% in the fourth quarter. Hodges Capital Management Inc. now owns 1,895 shares of the company’s stock valued at $259,000 after buying an additional 15 shares in the last quarter. RFG Advisory Group LLC increased its stake in Cummins by 1.3% in the fourth quarter. RFG Advisory Group LLC now owns 2,859 shares of the company’s stock valued at $364,000 after buying an additional 36 shares in the last quarter. HighPoint Advisor Group LLC increased its stake in Cummins by 2.0% in the third quarter. HighPoint Advisor Group LLC now owns 2,078 shares of the company’s stock valued at $281,000 after buying an additional 40 shares in the last quarter. Finally, First Manhattan Co. increased its stake in Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 80.81% of the company’s stock.

Shares of Cummins Inc. (NYSE:CMI) traded down 0.54% during trading on Friday, reaching $158.00. 117,499 shares of the company traded hands. The firm has a 50-day moving average price of $151.14 and a 200-day moving average price of $144.34. The firm has a market capitalization of $26.43 billion, a PE ratio of 18.11 and a beta of 1.27. Cummins Inc. has a 12 month low of $105.33 and a 12 month high of $163.36.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 2nd. The company reported $2.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.81 by $0.55. Cummins had a net margin of 7.96% and a return on equity of 19.99%. The company had revenue of $4.59 billion during the quarter, compared to analysts’ expectations of $4.15 billion. During the same quarter last year, the company posted $1.87 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post $7.98 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Friday, May 19th will be issued a $1.025 dividend. The ex-dividend date of this dividend is Wednesday, May 17th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 2.58%. Cummins’s payout ratio is 49.76%.

A number of equities analysts recently commented on the stock. Barclays PLC set a $137.00 price objective on shares of Cummins and gave the stock a “hold” rating in a research note on Saturday, April 1st. Credit Suisse Group AG reaffirmed a “buy” rating and set a $173.00 price target on shares of Cummins in a research report on Friday, February 10th. Stifel Nicolaus reaffirmed a “hold” rating and set a $155.00 price target (up from $150.00) on shares of Cummins in a research report on Wednesday, May 3rd. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Monday, February 6th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $160.00 price target (up from $150.00) on shares of Cummins in a research report on Tuesday, May 2nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $149.46.

In related news, CEO Norman Thomas Linebarger sold 24,000 shares of Cummins stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $163.00, for a total transaction of $3,912,000.00. Following the sale, the chief executive officer now directly owns 24,607 shares in the company, valued at approximately $4,010,941. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Alexis M. Herman sold 1,300 shares of Cummins stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $159.16, for a total transaction of $206,908.00. Following the sale, the director now owns 29,656 shares in the company, valued at $4,720,048.96. The disclosure for this sale can be found here. Insiders sold a total of 35,840 shares of company stock worth $5,789,048 over the last 90 days. Company insiders own 0.57% of the company’s stock.

About Cummins

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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