National Pension Service Lowers Stock Position in Cummins Inc. (NYSE:CMI)

National Pension Service reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 5.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 211,615 shares of the company’s stock after selling 12,495 shares during the period. National Pension Service’s holdings in Cummins were worth $73,769,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CMI. State Street Corp lifted its holdings in Cummins by 2.1% in the 3rd 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 in the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after purchasing an additional 165,398 shares in the last quarter. FMR LLC lifted its holdings in Cummins by 0.8% in the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Cummins by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after purchasing an additional 120,579 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Cummins by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock worth $280,634,000 after purchasing an additional 6,608 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the company. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Finally, Barclays boosted their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $386.67.

Cummins Stock Performance

Shares of Cummins stock opened at $364.35 on Friday. The stock’s fifty day moving average is $361.99 and its two-hundred day moving average is $343.63. The company has a market capitalization of $50.09 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.14 EPS. As a group, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.00%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Cummins Company 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.