Kentucky Retirement Systems Has $2.85 Million Position in Cummins Inc. (NYSE:CMI)

Kentucky Retirement Systems lessened its holdings in Cummins Inc. (NYSE:CMI) by 4.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,307 shares of the company’s stock after selling 462 shares during the period. Kentucky Retirement Systems’ holdings in Cummins were worth $2,854,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Cultivar Capital Inc. bought a new stake in shares of Cummins during the second quarter worth approximately $28,000. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins in the 2nd quarter valued at $28,000. Lynx Investment Advisory acquired a new position in Cummins in the 2nd quarter valued at $29,000. LRI Investments LLC bought a new position in Cummins during the 1st quarter worth $31,000. Finally, JNBA Financial Advisors lifted its holdings in shares of Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent research reports. Robert W. Baird raised their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Barclays lifted their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. increased their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Raymond James started coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Finally, Citigroup started coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $299.55.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Performance

Cummins stock opened at $308.27 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The stock has a market cap of $42.17 billion, a PE ratio of 22.57, a P/E/G ratio of 1.70 and a beta of 0.98. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83. The business’s 50-day moving average price is $297.72 and its two-hundred day moving average price is $288.23.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the firm posted $5.18 EPS. As a group, analysts expect that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.36%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio is presently 53.29%.

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.