Ilmarinen Mutual Pension Insurance Co Has $8.54 Million Holdings in Cummins Inc. (NYSE:CMI)

Ilmarinen Mutual Pension Insurance Co lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 58.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 24,500 shares of the company’s stock after acquiring an additional 9,000 shares during the quarter. Ilmarinen Mutual Pension Insurance Co’s holdings in Cummins were worth $8,541,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. increased its position in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after buying an additional 250,650 shares during the period. State Street Corp lifted its position in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares during the period. Geode Capital Management LLC grew its stake in Cummins by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock worth $1,174,504,000 after buying an additional 84,112 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after buying an additional 66,887 shares during the period. Finally, Norges Bank acquired a new position in shares of Cummins in the 4th quarter valued at approximately $499,490,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

CMI stock opened at $277.82 on Friday. The company has a market capitalization of $38.19 billion, a P/E ratio of 9.86, a PEG ratio of 2.19 and a beta of 1.01. The company has a fifty day moving average price of $345.89 and a 200-day moving average price of $348.60. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the company earned $4.14 EPS. Cummins’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.62%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is presently 25.84%.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent analyst reports. Robert W. Baird lifted their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. UBS Group lowered their price target on Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Citigroup reduced their price objective on Cummins from $430.00 to $360.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Evercore ISI boosted their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $383.67.

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.