Cummins Inc. $CMI Shares Sold by Teachers Retirement System of The State of Kentucky

Key Points

• Teachers Retirement System of Kentucky trimmed its Cummins stake by 1.7% to 101,461 shares, valued at about $51.79 million at the end of the quarter.
• Insiders sold 31,195 shares worth roughly $18.4 million last quarter — including VP Donald G. Jackson (1,600 shares at $600.13) and VP Amy R. Davis (4,054 shares at $561.34) — leaving insiders with 0.30% ownership.
• Cummins beat Q4 estimates (EPS $5.81 vs. $5.17; revenue $8.54B vs. $8.09B), pays a $2.00 quarterly dividend (1.2% yield), and carries an average analyst rating of Moderate Buy with a $600.27 price target.

Teachers Retirement System of The State of Kentucky cut its stake in Cummins Inc. (NYSE:CMI - Free Report) by 1.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 101,461 shares of the company's stock after selling 1,794 shares during the quarter. Teachers Retirement System of The State of Kentucky owned approximately 0.07% of Cummins worth $51,791,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CMI. Richard C. Young & CO. LTD. grew its stake in shares of Cummins by 2.0% during the 4th quarter. Richard C. Young & CO. LTD. now owns 38,851 shares of the company's stock worth $19,832,000 after purchasing an additional 775 shares during the period. AEGON ASSET MANAGEMENT UK Plc lifted its stake in shares of Cummins by 11.0% in the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 203,604 shares of the company's stock valued at $103,917,000 after purchasing an additional 20,219 shares during the period. Vanguard Group Inc. lifted its stake in shares of Cummins by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company's stock valued at $9,058,841,000 after purchasing an additional 98,544 shares during the period. Resonant Capital Advisors LLC purchased a new stake in Cummins during the fourth quarter worth $224,000. Finally, Concurrent Investment Advisors LLC grew its position in Cummins by 14.9% during the fourth quarter. Concurrent Investment Advisors LLC now owns 14,447 shares of the company's stock valued at $7,375,000 after buying an additional 1,872 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Buying and Selling

In other Cummins news, VP Donald G. Jackson sold 1,600 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the sale, the vice president directly owned 7,214 shares in the company, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares of the company's stock, valued at $8,873,101.38. The trade was a 20.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 31,195 shares of company stock worth $18,397,489 in the last quarter. 0.30% of the stock is owned by insiders.

Cummins Stock Performance

NYSE:CMI opened at $660.83 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The stock has a market capitalization of $91.30 billion, a PE ratio of 32.20, a P/E/G ratio of 2.08 and a beta of 1.14. Cummins Inc. has a fifty-two week low of $284.23 and a fifty-two week high of $663.38. The company has a fifty day moving average of $576.44 and a two-hundred day moving average of $530.46.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the business earned $5.16 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 26.03 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, February 20th. Cummins's payout ratio is presently 38.99%.

Analyst Ratings Changes

A number of research firms have weighed in on CMI. Truist Financial lifted their price objective on shares of Cummins from $703.00 to $730.00 and gave the company a "buy" rating in a report on Monday, April 20th. Wolfe Research lowered shares of Cummins from an "outperform" rating to a "peer perform" rating and set a $540.00 target price on the stock. in a research note on Monday, January 26th. Morgan Stanley restated an "overweight" rating and issued a $675.00 price target on shares of Cummins in a research note on Friday, February 6th. Sanford C. Bernstein set a $600.00 price target on Cummins and gave the stock a "market perform" rating in a report on Friday, February 6th. Finally, JPMorgan Chase & Co. increased their price target on Cummins from $485.00 to $580.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 14th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $600.27.

About Cummins

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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