Kentucky Retirement Systems Insurance Trust Fund Sells 370 Shares of Cummins Inc. (NYSE:CMI)

Kentucky Retirement Systems Insurance Trust Fund cut its stake in shares of Cummins Inc. (NYSE:CMI) by 7.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,680 shares of the company’s stock after selling 370 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Cummins were worth $1,379,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the period. Fisher Asset Management LLC boosted its position in Cummins by 4.3% during the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock valued at $620,701,000 after purchasing an additional 106,017 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Cummins by 6.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after purchasing an additional 96,387 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its position in Cummins by 3.1% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock valued at $342,817,000 after purchasing an additional 43,090 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in Cummins by 4.8% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock valued at $334,933,000 after purchasing an additional 64,365 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $5,987,628.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Marvin Boakye bought 1,745 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was acquired at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the purchase, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by corporate insiders.

Cummins Trading Down 0.3 %

Shares of CMI stock traded down $0.78 during mid-day trading on Monday, hitting $289.60. The company’s stock had a trading volume of 140,365 shares, compared to its average volume of 1,907,316. The company’s fifty day simple moving average is $279.25 and its 200-day simple moving average is $274.93. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $304.24. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The company has a market cap of $39.61 billion, a PE ratio of 21.38, a P/E/G ratio of 1.83 and a beta of 0.99.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.36 billion. As a group, equities research analysts expect 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 given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.51%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s payout ratio is presently 49.19%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CMI. TD Cowen raised their price objective on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Raymond James started coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Citigroup started coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Finally, Truist Financial lowered their price objective on Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a research note on Tuesday, July 2nd. Two 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. According to MarketBeat, Cummins currently has a consensus 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.