Ilmarinen Mutual Pension Insurance Co Buys 9,000 Shares of Cummins Inc. (NYSE:CMI)

Ilmarinen Mutual Pension Insurance Co increased its stake in shares of Cummins Inc. (NYSE:CMI) by 58.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,500 shares of the company’s stock after purchasing an additional 9,000 shares during the period. Ilmarinen Mutual Pension Insurance Co’s holdings in Cummins were worth $8,541,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Centiva Capital LP acquired a new stake in shares of Cummins in the 3rd quarter valued at approximately $205,000. Integrated Wealth Concepts LLC raised its holdings in Cummins by 26.3% in the third quarter. Integrated Wealth Concepts LLC now owns 7,653 shares of the company’s stock worth $2,478,000 after purchasing an additional 1,592 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Cummins during the third quarter worth $17,768,000. Royal London Asset Management Ltd. grew its holdings in shares of Cummins by 2.9% in the 3rd quarter. Royal London Asset Management Ltd. now owns 56,203 shares of the company’s stock valued at $18,198,000 after buying an additional 1,575 shares during the period. Finally, State Street Corp increased its position in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CMI shares. JPMorgan Chase & Co. reduced their target price on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Evercore ISI raised their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Finally, UBS Group dropped their price objective on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $383.67.

Cummins Stock Down 5.9 %

Shares of CMI stock opened at $277.82 on Friday. The firm’s fifty day moving average price is $345.89 and its two-hundred day moving average price is $348.60. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $38.19 billion, a P/E ratio of 9.86, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.14 earnings per share. On average, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.62%. Cummins’s payout ratio is 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.