State of Alaska Department of Revenue Lowers Stake in Cummins Inc. (NYSE:CMI)

State of Alaska Department of Revenue lessened its stake in Cummins Inc. (NYSE:CMI) by 5.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,786 shares of the company’s stock after selling 1,005 shares during the period. State of Alaska Department of Revenue’s holdings in Cummins were worth $5,534,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Vanguard Group Inc. raised its stake in shares of Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after acquiring an additional 2,055,239 shares in the last quarter. Norges Bank bought a new stake in Cummins during the 4th quarter valued at $298,867,000. International Assets Investment Management LLC increased its stake in shares of Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after buying an additional 731,697 shares during the period. iA Global Asset Management Inc. bought a new stake in shares of Cummins in the third quarter valued at about $71,268,000. Finally, Price T Rowe Associates Inc. MD increased its position in Cummins by 3.5% during 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. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 1.7 %

NYSE:CMI opened at $272.13 on Thursday. The company’s 50 day moving average is $281.44 and its two-hundred day moving average is $269.48. The company has a market cap of $37.22 billion, a PE ratio of 19.92, a P/E/G ratio of 1.66 and a beta of 0.99. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $304.24. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57.

Cummins (NYSE:CMI) last released its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. Analysts anticipate that Cummins Inc. will post 18.86 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were paid a $1.68 dividend. This represents a $6.72 annualized dividend and a dividend yield of 2.47%. The ex-dividend date was Thursday, May 23rd. Cummins’s payout ratio is 49.19%.

Insider Buying and Selling

In other Cummins news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the acquisition, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Marvin Boakye acquired 1,745 shares of Cummins stock in a transaction on Monday, May 20th. The shares were bought at an average price of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group upped their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Raymond James assumed coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. Finally, Robert W. Baird reduced their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus 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.