Public Sector Pension Investment Board Purchases 38,400 Shares of Cummins Inc. (NYSE:CMI)

Public Sector Pension Investment Board grew its position in shares of Cummins Inc. (NYSE:CMI) by 14.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 304,002 shares of the company’s stock after acquiring an additional 38,400 shares during the period. Public Sector Pension Investment Board’s holdings in Cummins were worth $98,433,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. PFG Investments LLC lifted its holdings in Cummins by 27.7% in the 3rd 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 period. CWM LLC lifted its stake in Cummins by 17.4% in the third 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 period. Distillate Capital Partners LLC lifted its stake in Cummins by 109,309.3% in the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $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 second quarter valued at $16,329,000. Finally, Cetera Advisors LLC increased its position 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 period. 83.46% of the stock is owned by institutional investors.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is owned by corporate insiders.

Cummins Price Performance

Shares of NYSE:CMI opened at $370.79 on Thursday. The business has a fifty day moving average price of $340.19 and a 200-day moving average price of $306.22. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company has a market capitalization of $50.86 billion, a PE ratio of 24.49, a PEG ratio of 1.82 and a beta of 0.97. Cummins Inc. has a 1-year low of $222.75 and a 1-year high of $379.66.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the firm posted $4.73 EPS. As a group, equities analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.96%. Cummins’s payout ratio is currently 48.08%.

Analysts Set New Price Targets

CMI has been the subject of several research analyst reports. Citigroup raised their target price on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Truist Financial upped their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Barclays increased their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Finally, The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $337.67.

Cummins Profile

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.