Cummins Inc. $CMI Shares Purchased by Caisse DE Depot ET Placement DU Quebec

Key Points

• Caisse DE Depot ET Placement DU Quebec increased its stake in Cummins Inc. by 31.7%, owning 32,159 shares worth approximately $10.08 million following the purchase of 7,741 additional shares.
• Cummins recently declared a quarterly dividend of $2.00 per share, an increase from the previous $1.82, indicating a strong financial position with a dividend yield of 2.0%.
• The company reported earnings of $6.43 per share for the last quarter, exceeding analysts' expectations, though revenue showed a year-over-year decline of 1.7%.

Caisse DE Depot ET Placement DU Quebec boosted its position in Cummins Inc. (NYSE:CMI - Free Report) by 31.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,159 shares of the company's stock after buying an additional 7,741 shares during the period. Caisse DE Depot ET Placement DU Quebec's holdings in Cummins were worth $10,080,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of CMI. Brighton Jones LLC lifted its holdings in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after acquiring an additional 83 shares during the period. Lido Advisors LLC grew its holdings in Cummins by 4.3% in the 4th quarter. Lido Advisors LLC now owns 14,494 shares of the company's stock valued at $5,053,000 after buying an additional 597 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its holdings in Cummins by 129.2% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 56,527 shares of the company's stock valued at $19,705,000 after buying an additional 31,869 shares in the last quarter. Comerica Bank grew its holdings in Cummins by 1.7% in the 4th quarter. Comerica Bank now owns 33,689 shares of the company's stock valued at $11,744,000 after buying an additional 566 shares in the last quarter. Finally, Rehmann Capital Advisory Group grew its holdings in shares of Cummins by 20.2% during the 4th quarter. Rehmann Capital Advisory Group now owns 3,136 shares of the company's stock worth $1,093,000 after purchasing an additional 528 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CMI shares. Robert W. Baird increased their price target on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Truist Financial increased their price target on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Citigroup raised their target price on Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Finally, The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and raised their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $370.83.

Insider Activity at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares in the company, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karen H. Quintos sold 1,307 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares of the company's stock, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,039 shares of company stock valued at $10,385,075 in the last 90 days. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Performance

NYSE:CMI traded down $3.49 during mid-day trading on Monday, reaching $398.43. 593,343 shares of the stock were exchanged, compared to its average volume of 872,355. The stock has a market capitalization of $54.90 billion, a P/E ratio of 18.73, a P/E/G ratio of 1.93 and a beta of 1.02. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a 50 day simple moving average of $363.36 and a 200-day simple moving average of $335.05. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $408.38.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.26 earnings per share. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio (DPR) is presently 37.61%.

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.