Cummins Inc. $CMI Shares Sold by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue reduced its stake in Cummins Inc. by 3.9%, selling 635 shares in the second quarter, leaving it with 15,468 shares valued at approximately $5.07 million.
• Recent insider transactions included VP Amy Rochelle Davis selling 5,002 shares for over $2 million, while a total of 35,119 shares worth approximately $14.16 million have been sold by insiders in the last three months.
• Cummins Inc. increased its quarterly dividend to $2.00 per share, up from $1.82, reflecting an annual yield of 1.9%, with a payout ratio of 37.61%.

State of Alaska Department of Revenue cut its position in Cummins Inc. (NYSE:CMI - Free Report) by 3.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,468 shares of the company's stock after selling 635 shares during the quarter. State of Alaska Department of Revenue's holdings in Cummins were worth $5,065,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of CMI. Raymond James Financial Inc. grew its holdings in shares of Cummins by 152.3% in the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock valued at $424,414,000 after purchasing an additional 817,384 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Cummins by 70.9% in the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock worth $314,942,000 after acquiring an additional 424,294 shares in the last quarter. Nuveen LLC acquired a new position in Cummins during the 1st quarter worth $109,120,000. Vanguard Group Inc. grew its stake in Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock worth $5,417,331,000 after purchasing an additional 321,823 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Cummins by 74.2% during the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company's stock worth $234,907,000 after buying an additional 319,277 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Amy Rochelle Davis sold 5,002 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares of the company's stock, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,119 shares of company stock worth $14,159,885. 0.41% of the stock is currently owned by insiders.

Cummins Stock Up 1.1%

Cummins stock opened at $418.59 on Monday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $432.50. The stock has a 50 day moving average of $394.06 and a two-hundred day moving average of $342.53. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $57.68 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 2.02 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. During the same period last year, the firm earned $5.26 EPS. The firm's revenue for the quarter was down 1.7% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were paid a $2.00 dividend. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins's dividend payout ratio (DPR) is 37.61%.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent research reports. Wolfe Research upgraded shares of Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Melius upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Citigroup increased their target price on Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a report on Tuesday, September 23rd. Truist Financial increased their target price on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Finally, Melius Research raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $393.57.

Cummins Profile

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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