OMERS ADMINISTRATION Corp Trims Stake in Cummins Inc. (NYSE:CMI)

OMERS ADMINISTRATION Corp reduced its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 19.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,698 shares of the company's stock after selling 2,045 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Cummins were worth $3,032,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CMI. Mubadala Investment Co PJSC purchased a new position in shares of Cummins during the fourth quarter valued at about $3,903,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Cummins by 80.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,928 shares of the company's stock worth $18,102,000 after acquiring an additional 23,078 shares during the period. MJP Associates Inc. ADV raised its position in shares of Cummins by 132.4% in the 4th quarter. MJP Associates Inc. ADV now owns 1,441 shares of the company's stock worth $502,000 after acquiring an additional 821 shares in the last quarter. LMR Partners LLP lifted its stake in shares of Cummins by 194.2% in the 4th quarter. LMR Partners LLP now owns 3,021 shares of the company's stock valued at $1,053,000 after purchasing an additional 1,994 shares during the period. Finally, Logan Capital Management Inc. boosted its position in shares of Cummins by 1.1% during the fourth quarter. Logan Capital Management Inc. now owns 18,162 shares of the company's stock valued at $6,331,000 after purchasing an additional 196 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Up 0.8%

Shares of CMI stock traded up $2.67 during mid-day trading on Friday, hitting $334.78. The company's stock had a trading volume of 782,982 shares, compared to its average volume of 806,851. The stock has a market cap of $46.12 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 2.19 and a beta of 1.02. 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 $260.02 and a 52-week high of $387.90. The business has a 50-day moving average price of $304.05 and a 200 day moving average price of $341.44.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins's revenue for the quarter was down 2.7% on a year-over-year basis. During the same period last year, the company earned $5.08 EPS. Research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.17%. Cummins's payout ratio is 36.22%.

Insider Activity at Cummins

In related news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, for a total transaction 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CMI. Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Citigroup lifted their price target on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, May 12th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and dropped their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. StockNews.com downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Finally, Truist Financial dropped their price target on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $354.83.

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.