Cummins Inc. $CMI Stock Bought by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue increased its Cummins stake by 403.8% in the third quarter, holding 68,113 shares valued at approximately $35.2 million. Institutional investors collectively own 83.46% of the company.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and five Holds, though several firms recently cut their price targets. Cummins has a consensus rating of “Moderate Buy” and an average target of $708.18.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings of $6.73 per share fell short of estimates. The company also declared a quarterly dividend of $2.20 per share, representing a 1.7% yield.

State of Alaska Department of Revenue boosted its position in Cummins Inc. (NYSE:CMI - Free Report) by 403.8% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 68,113 shares of the company's stock after acquiring an additional 54,592 shares during the period. State of Alaska Department of Revenue's holdings in Cummins were worth $35,185,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Persistent Asset Partners Ltd purchased a new stake in Cummins during the second quarter worth approximately $26,000. Elevation Wealth Partners LLC lifted its position in Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company's stock worth $33,000 after acquiring an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC boosted its holdings in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after acquiring an additional 45 shares during the period. Key Financial Inc grew its position in Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after acquiring an additional 20 shares in the last quarter. Finally, Cornerstone Financial Management LLC lifted its position in shares of Cummins by 65.8% during the second quarter. Cornerstone Financial Management LLC now owns 63 shares of the company's stock worth $45,000 after purchasing an additional 25 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target on shares of Cummins from $690.00 to $600.00 and set a "neutral" rating for the company in a research note on Wednesday, September 23rd. Wells Fargo & Company reduced their price objective on shares of Cummins from $874.00 to $760.00 and set an "overweight" rating on the stock in a research note on Thursday, October 8th. Zacks Research lowered shares of Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Evercore dropped their target price on shares of Cummins from $845.00 to $782.00 and set an "outperform" rating for the company in a research report on Tuesday, August 11th. Finally, Bank of America dropped their target price on shares of Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Cummins currently has an average rating of "Moderate Buy" and an average price target of $708.18.

Cummins Stock Performance

CMI stock traded down $0.80 during trading on Thursday, hitting $525.16. 459,076 shares of the company's stock traded hands, compared to its average volume of 985,504. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52 week low of $405.82 and a 52 week high of $737.76. The stock has a fifty day moving average price of $560.36 and a two-hundred day moving average price of $620.42. The stock has a market capitalization of $72.30 billion, a price-to-earnings ratio of 26.84, a price-to-earnings-growth ratio of 1.39 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period last year, the company posted $6.43 earnings per share. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 30.10 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be issued a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. Cummins's dividend payout ratio (DPR) is 44.97%.

Insider Activity

In other Cummins news, VP Earl Newsome sold 698 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.30% of the company's stock.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.

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