Kentucky Retirement Systems Insurance Trust Fund Lowers Position in Cummins Inc. (NYSE:CMI)

Kentucky Retirement Systems Insurance Trust Fund cut its holdings in Cummins Inc. (NYSE:CMI) by 7.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,680 shares of the company’s stock after selling 370 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Cummins were worth $1,379,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. First United Bank & Trust bought a new position in Cummins in the fourth quarter worth about $25,000. Private Wealth Management Group LLC bought a new position in Cummins in the fourth quarter worth about $26,000. DiNuzzo Private Wealth Inc. bought a new position in Cummins in the fourth quarter worth about $31,000. JNBA Financial Advisors raised its holdings in Cummins by 1,111.1% in the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after purchasing an additional 100 shares in the last quarter. Finally, Quarry LP raised its holdings in Cummins by 258.5% in the fourth quarter. Quarry LP now owns 147 shares of the company’s stock worth $35,000 after purchasing an additional 106 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, 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 filing with the SEC, which can be accessed through the SEC website. In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, 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 filing with the SEC, which can be accessed through the SEC website. Also, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction dated Friday, May 24th. The shares were acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is owned by corporate insiders.

Cummins Price Performance

Shares of Cummins stock traded down $0.78 during trading hours on Monday, reaching $289.60. 140,365 shares of the company’s stock were exchanged, compared to its average volume of 1,907,316. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $304.24. The business has a fifty day moving average of $279.25 and a two-hundred day moving average of $274.93. The company has a market capitalization of $39.61 billion, a P/E ratio of 21.38, a price-to-earnings-growth ratio of 1.83 and a beta of 0.99.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing the consensus estimate of $5.11 by ($0.01). The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. As a group, research analysts predict that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be issued a $1.82 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.51%. Cummins’s dividend payout ratio (DPR) is 49.19%.

Analysts Set New Price Targets

A number of equities analysts have commented on CMI shares. The Goldman Sachs Group boosted their target price on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Robert W. Baird cut their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. TD Cowen upped their price objective on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Citigroup began coverage on shares of Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective on the stock. Finally, Truist Financial cut their price objective on shares of Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a report on Tuesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $287.18.

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.