Arizona State Retirement System Has $12.62 Million Stock Position in Cummins Inc. (NYSE:CMI)

Arizona State Retirement System increased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 40,259 shares of the company's stock after buying an additional 1,051 shares during the quarter. Arizona State Retirement System's holdings in Cummins were worth $12,619,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. lifted its position in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the last quarter. TCTC Holdings LLC bought a new stake in shares of Cummins during the 4th quarter worth $28,000. Capital A Wealth Management LLC bought a new stake in shares of Cummins during the 4th quarter worth $32,000. Olde Wealth Management LLC bought a new stake in shares of Cummins during the 1st quarter worth $30,000. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Cummins during the 1st quarter worth $37,000. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Cummins news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director directly owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent analyst reports. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Truist Financial dropped their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Morgan Stanley increased their target price on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Evercore ISI dropped their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Finally, Wall Street Zen downgraded Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, Cummins has an average rating of "Hold" and a consensus price target of $361.42.

Cummins Price Performance

Shares of CMI opened at $338.75 on Monday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The company has a market capitalization of $46.67 billion, a price-to-earnings ratio of 16.85, a price-to-earnings-growth ratio of 2.04 and a beta of 1.03. The business has a 50-day moving average of $323.43 and a 200-day moving average of $330.76.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same period last year, the company earned $5.08 earnings per share. The firm's revenue was down 2.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.15%. Cummins's dividend payout ratio is currently 36.22%.

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.

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