Cummins Inc. (NYSE:CMI) Stock Holdings Cut by USS Investment Management Ltd

USS Investment Management Ltd lowered its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 38.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,732 shares of the company's stock after selling 2,965 shares during the quarter. USS Investment Management Ltd's holdings in Cummins were worth $1,651,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BankPlus Trust Department acquired a new position in Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc bought a new position in shares of Cummins during the fourth quarter worth about $27,000. Meeder Asset Management Inc. grew its stake in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 52 shares in the last quarter. TCTC Holdings LLC bought a new stake in Cummins in the fourth quarter valued at about $28,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Cummins during the fourth quarter valued at approximately $30,000. Institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

Shares of CMI stock traded down $2.95 during trading hours on Wednesday, reaching $323.31. The stock had a trading volume of 449,423 shares, compared to its average volume of 802,643. The firm has a market capitalization of $44.54 billion, a PE ratio of 11.48, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The firm has a 50-day simple moving average of $304.20 and a 200-day simple moving average of $340.53. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins's revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the business earned $5.08 earnings per share. As a group, equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.25%. The ex-dividend date is Friday, May 23rd. Cummins's payout ratio is currently 36.22%.

Analysts Set New Price Targets

CMI has been the subject of several research reports. Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $410.00 to $431.00 in a research note on Tuesday. Morgan Stanley boosted their target price on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Robert W. Baird dropped their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and decreased their price target for the company from $400.00 to $240.00 in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $357.25.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone bought 1,000 shares of the stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.41% of the stock is owned by company insiders.

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.