Canada Pension Plan Investment Board Has $14.44 Million Stake in Cummins Inc. (NYSE:CMI)

Canada Pension Plan Investment Board cut its holdings in shares of Cummins Inc. (NYSE:CMIFree Report) by 36.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 63,200 shares of the company’s stock after selling 36,000 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Cummins were worth $14,439,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Steward Financial Group LLC purchased a new stake in Cummins during the 2nd quarter worth about $27,000. OFI Invest Asset Management purchased a new stake in shares of Cummins in the third quarter worth about $25,000. Tyler Stone Wealth Management bought a new position in shares of Cummins in the second quarter valued at approximately $30,000. Global Wealth Strategies & Associates purchased a new position in Cummins during the third quarter valued at approximately $29,000. Finally, Quarry LP bought a new stake in Cummins during the 1st quarter worth approximately $32,000. Institutional investors own 81.81% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on CMI. StockNews.com downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 16th. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. Morgan Stanley started coverage on Cummins in a research report on Monday, January 8th. They set an “overweight” rating and a $278.00 price target for the company. TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. Finally, TD Cowen lifted their target price on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $261.67.

Read Our Latest Stock Report on CMI

Cummins Stock Performance

NYSE:CMI opened at $251.78 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $265.28. The firm has a market cap of $35.69 billion, a PE ratio of 48.61, a price-to-earnings-growth ratio of 1.68 and a beta of 1.02. The business has a 50 day moving average price of $238.98 and a 200-day moving average price of $233.16.

Cummins (NYSE:CMIGet Free Report) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.52 earnings per share. Equities research analysts predict that Cummins Inc. will post 18.64 earnings per share for the current year.

Cummins Company Profile

(Free Report)

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

Further Reading

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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