State of Michigan Retirement System Has $12.09 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

State of Michigan Retirement System reduced its position in shares of Cummins Inc. (NYSE:CMI) by 3.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,037 shares of the company’s stock after selling 1,500 shares during the period. State of Michigan Retirement System’s holdings in Cummins were worth $12,092,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares during the last quarter. Norges Bank acquired a new stake in shares of Cummins in the fourth quarter worth $298,867,000. International Assets Investment Management LLC increased its position in Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after acquiring an additional 731,697 shares during the period. iA Global Asset Management Inc. acquired a new position in Cummins during the 3rd quarter valued at $71,268,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Cummins by 3.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock valued at $1,759,326,000 after purchasing an additional 246,025 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. The Goldman Sachs Group upped their price objective on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Citigroup started coverage on Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. Truist Financial reduced their target price on Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a research report on Tuesday. Finally, TD Cowen increased their price objective on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $287.18.

Cummins Price Performance

Shares of NYSE CMI traded down $4.74 during mid-day trading on Tuesday, hitting $267.55. 833,119 shares of the stock were exchanged, compared to its average volume of 2,072,378. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $304.24. The stock’s fifty day simple moving average is $281.94 and its two-hundred day simple moving average is $269.29. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The company has a market cap of $36.60 billion, a P/E ratio of 19.59, a PEG ratio of 1.73 and a beta of 0.99.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. As a group, analysts forecast that Cummins Inc. will post 18.84 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s dividend payout ratio is presently 49.19%.

Insider Transactions at Cummins

In other news, VP Jeffrey T. Wiltrout acquired 282 shares of Cummins stock in a transaction on Friday, May 24th. The shares were purchased at an average price of $285.11 per share, with a total value of $80,401.02. Following the acquisition, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were bought at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The disclosure for this purchase can be found here. 0.56% 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.