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Maryland State Retirement & Pension System Sells 908 Shares of Cummins Inc. (NYSE:CMI)

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Key Points

  • The Maryland State Retirement & Pension System has reduced its stake in Cummins Inc. by 12.4%, bringing its total holdings to 6,387 shares valued at approximately $2,002,000.
  • Cummins recently reported earnings of $6.43 EPS, exceeding forecasts, with a revenue of $8.64 billion for the quarter, although this represents a 1.7% decline year-over-year.
  • The company has announced a quarterly dividend increase to $2.00 per share, with an annualized dividend yield of 2.1%.
  • Looking to Export and Analyze Cummins Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Maryland State Retirement & Pension System decreased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 12.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,387 shares of the company's stock after selling 908 shares during the period. Maryland State Retirement & Pension System's holdings in Cummins were worth $2,002,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Capital A Wealth Management LLC acquired a new position in Cummins during the 4th quarter valued at about $32,000. Olde Wealth Management LLC acquired a new position in Cummins during the 1st quarter valued at about $30,000. Opal Wealth Advisors LLC acquired a new position in Cummins during the 1st quarter valued at about $37,000. Richardson Financial Services Inc. acquired a new position in shares of Cummins in the 1st quarter worth approximately $39,000. Finally, Costello Asset Management INC acquired a new position in shares of Cummins in the 1st quarter worth approximately $40,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CMI. Barclays lifted their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Citigroup lifted their price objective on shares of Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday. Robert W. Baird lifted their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Morgan Stanley lifted their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Finally, Truist Financial lifted their price objective on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research note on Thursday. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Cummins presently has an average rating of "Hold" and a consensus price target of $370.83.

Read Our Latest Stock Report on Cummins

Cummins Stock Up 0.8%

NYSE CMI traded up $2.96 during trading on Friday, reaching $387.57. The company's stock had a trading volume of 932,746 shares, compared to its average volume of 1,058,100. 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 $53.40 billion, a PE ratio of 18.22, a PEG ratio of 1.88 and a beta of 1.02. The business has a 50-day moving average price of $339.84 and a 200-day moving average price of $331.20. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $391.56.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter last year, the firm posted $5.26 earnings per share. The company's quarterly revenue was down 1.7% compared to the same quarter last year. On average, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.1%. This is an increase from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's payout ratio is presently 34.23%.

Insider Transactions at Cummins

In related news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director owned 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.41% of the company's stock.

Cummins Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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