Maryland State Retirement & Pension System Lowers Stock Position in Cummins Inc. (NYSE:CMI)

Maryland State Retirement & Pension System cut its holdings in Cummins Inc. (NYSE:CMI) by 6.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,295 shares of the company’s stock after selling 511 shares during the period. Maryland State Retirement & Pension System’s holdings in Cummins were worth $2,543,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares in the last quarter. Fisher Asset Management LLC lifted its holdings 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 purchasing an additional 66,887 shares in the last quarter. FMR LLC lifted its holdings in Cummins by 0.8% in the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Cummins by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after purchasing an additional 120,579 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Cummins by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 884,402 shares of the company’s stock worth $308,303,000 after purchasing an additional 17,687 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research analyst reports. Truist Financial boosted their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Robert W. Baird lifted their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Evercore ISI lifted their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Friday, March 14th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $389.50.

Cummins Stock Performance

NYSE CMI opened at $325.38 on Friday. The company has a market cap of $44.73 billion, a P/E ratio of 11.55, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The business’s 50 day moving average price is $356.66 and its 200-day moving average price is $347.05. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week high of $387.90.

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

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.24%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Cummins 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.