Cummins Inc. $CMI Shares Bought by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky raised its position in shares of Cummins Inc. (NYSE:CMI) by 0.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 102,267 shares of the company’s stock after buying an additional 806 shares during the period. Teachers Retirement System of The State of Kentucky owned about 0.07% of Cummins worth $55,022,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of CMI. Thompson Investment Management Inc. acquired a new position in Cummins during the 4th quarter worth about $26,000. Activest Wealth Management boosted its holdings in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the period. Cedar Mountain Advisors LLC boosted its holdings in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares during the period. Wellington Shields Capital Management LLC acquired a new position in Cummins in the 4th quarter valued at about $27,000. Finally, Key Financial Inc increased its stake in Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 0.1%

CMI stock opened at $676.93 on Monday. The company’s 50 day moving average price is $679.54 and its 200 day moving average price is $609.98. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a fifty-two week low of $334.70 and a fifty-two week high of $737.76. The firm has a market capitalization of $93.41 billion, a price-to-earnings ratio of 35.13, a PEG ratio of 1.65 and a beta of 1.22.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the previous year, the business posted $5.96 EPS. The firm’s revenue was up 2.7% on a year-over-year basis. On average, equities research analysts anticipate that Cummins Inc. will post 29.32 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were paid a dividend of $2.00 per share. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s payout ratio is presently 41.52%.

Analyst Ratings Changes

Several brokerages have recently issued reports on CMI. Citigroup increased their price target on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Truist Financial upped their target price on shares of Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Morgan Stanley increased their target price on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Finally, Evercore reissued an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $738.00.

Insider Activity

In other Cummins news, VP Marvin Boakye sold 3,481 shares of Cummins stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the sale, the vice president directly owned 8,508 shares of the company’s stock, valued at $5,784,589.20. The trade was a 29.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Brett Michael Merritt sold 701 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the transaction, the insider directly owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 13,579 shares of company stock valued at $9,377,684. Insiders own 0.30% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.