Cummins Inc. (NYSE:CMI) Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 12.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,826 shares of the company’s stock after selling 3,373 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Cummins were worth $7,391,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CMI. Pathway Financial Advisers LLC increased its holdings in Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Cummins by 38,765.8% in the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after buying an additional 972,247 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of Cummins in the 2nd quarter valued at $68,018,000. SG Americas Securities LLC lifted its stake in Cummins by 1,012.0% during the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after acquiring an additional 179,346 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Cummins during the 2nd quarter valued at about $46,607,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

CMI stock opened at $375.04 on Monday. The business has a 50 day moving average price of $342.77 and a 200 day moving average price of $307.44. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a market cap of $51.45 billion, a price-to-earnings ratio of 24.77, a PEG ratio of 1.82 and a beta of 0.97. Cummins Inc. has a fifty-two week low of $223.35 and a fifty-two week high of $379.66.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during 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%. The company’s revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.73 EPS. Equities research analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 48.08%.

Analyst Ratings Changes

A number of brokerages have issued reports on CMI. Robert W. Baird boosted their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. boosted their target price on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $337.67.

Insider Activity

In related news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the transaction, the vice president now owns 20,803 shares in the company, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company’s stock.

About Cummins

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.