USS Investment Management Ltd Cuts Stake in Cummins Inc. (NYSE:CMI)

USS Investment Management Ltd trimmed its position in Cummins Inc. (NYSE:CMI - Free Report) by 38.5% during the fourth quarter, according to the company in 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Cummins by 1.5% in the fourth 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 in the last quarter. Geode Capital Management LLC lifted its position in Cummins by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after purchasing an additional 84,112 shares during the last quarter. Fisher Asset Management LLC grew its stake in Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock worth $1,071,059,000 after buying an additional 66,887 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after buying an additional 246,807 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Cummins by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company's stock valued at $552,820,000 after buying an additional 12,722 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Up 2.8%

Shares of NYSE:CMI traded up $9.00 during trading on Tuesday, reaching $326.23. 731,027 shares of the company were exchanged, compared to its average volume of 804,055. The firm has a market capitalization of $44.94 billion, a PE ratio of 11.58, a P/E/G ratio of 2.19 and a beta of 1.02. The business's fifty day simple moving average is $304.18 and its 200-day simple moving average is $340.63. Cummins Inc. has a 12-month low of $260.02 and a 12-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 issued its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The business 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%. The company's quarterly revenue was down 2.7% compared to the same quarter last year. During the same period last year, the company posted $5.08 earnings per share. On average, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Friday, May 23rd. Cummins's payout ratio is 36.22%.

Insider Activity at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the business's stock in a transaction on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now owns 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Citigroup upped their price objective on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Robert W. Baird cut their price target on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Morgan Stanley raised their price objective on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Evercore ISI dropped their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Cummins currently has a consensus rating of "Hold" and a consensus target price of $357.25.

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.