Kentucky Retirement Systems Acquires 5,745 Shares of Cummins Inc. $CMI

Kentucky Retirement Systems increased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 66.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,386 shares of the company's stock after buying an additional 5,745 shares during the period. Kentucky Retirement Systems' holdings in Cummins were worth $7,740,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Activest Wealth Management raised its position in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after acquiring an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC boosted its position in shares of 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 purchasing an additional 45 shares during the last quarter. Wellington Shields Capital Management LLC bought a new position in shares of Cummins in the 4th quarter worth $27,000. Key Financial Inc grew its stake in shares of Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after purchasing an additional 20 shares during the period. Finally, Birchwood Financial Partners Inc. bought a new stake in Cummins in the fourth quarter valued at about $28,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Nathan R. Stoner sold 607 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the transaction, the vice president directly owned 9,447 shares in the company, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. This represents a 6.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 13,579 shares of company stock valued at $9,377,684. Corporate insiders own 0.30% of the company's stock.

Cummins Trading Down 5.6%

NYSE:CMI opened at $605.63 on Thursday. Cummins Inc. has a fifty-two week low of $354.68 and a fifty-two week high of $737.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The stock has a market capitalization of $83.57 billion, a PE ratio of 31.43, a price-to-earnings-growth ratio of 1.56 and a beta of 1.22. The business's 50-day simple moving average is $670.30 and its 200-day simple moving average is $621.86.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business earned $5.96 EPS. Sell-side analysts expect that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. This is a positive change from Cummins's previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins's dividend payout ratio is presently 45.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CMI shares. Argus increased their target price on Cummins from $696.00 to $770.00 and gave the company a "buy" rating in a research note on Monday, June 1st. Barclays boosted their target price on Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Wells Fargo & Company increased their price target on shares of Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research report on Wednesday, June 17th. Zacks Research lowered shares of Cummins from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Finally, Sanford C. Bernstein restated a "market perform" rating on shares of Cummins in a report on Friday, May 22nd. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $740.07.

Cummins Company Profile

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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