Public Employees Retirement Association of Colorado Sells 2,054 Shares of Cummins Inc. (NYSE:CMI)

Public Employees Retirement Association of Colorado reduced its stake in Cummins Inc. (NYSE:CMI) by 9.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,619 shares of the company’s stock after selling 2,054 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Cummins were worth $5,156,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Beacon Financial Group lifted its holdings in shares of Cummins by 7.0% in the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after purchasing an additional 126 shares in the last quarter. KBC Group NV increased its position in Cummins by 283.2% during the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock worth $18,587,000 after buying an additional 57,341 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Cummins during the second quarter worth approximately $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after purchasing an additional 21,850 shares during the last quarter. Finally, Duality Advisers LP grew its position in shares of Cummins by 190.3% in the first quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after purchasing an additional 12,087 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the firm’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 completion of the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CMI has been the topic of several research reports. Robert W. Baird upped their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Citigroup began coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price for the company. Evercore ISI upped their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Raymond James began coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Finally, Truist Financial upped their target price on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $299.55.

Cummins Stock Performance

Shares of Cummins stock opened at $308.24 on Monday. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average price of $297.72 and a two-hundred day moving average price of $288.45. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83. The company has a market cap of $42.16 billion, a P/E ratio of 22.57, a PEG ratio of 1.70 and a beta of 0.98.

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

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were given a dividend of $1.82 per share. The ex-dividend date was Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.36%. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is currently 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.