Kentucky Retirement Systems Insurance Trust Fund reduced its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 35.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,973 shares of the company's stock after selling 2,198 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in Cummins were worth $1,245,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also modified their holdings of the business. BankPlus Trust Department acquired a new position in Cummins in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. grew its stake in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the last quarter. TCTC Holdings LLC acquired a new stake in Cummins in the fourth quarter worth $28,000. SBI Securities Co. Ltd. acquired a new stake in Cummins in the fourth quarter worth $30,000. Finally, Capital A Wealth Management LLC bought a new stake in shares of Cummins in the 4th quarter worth $32,000. 83.46% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The stock was bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now directly owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.41% of the stock is owned by corporate insiders.
Cummins Trading Up 0.6%
Cummins stock traded up $1.86 during midday trading on Friday, reaching $326.06. The stock had a trading volume of 911,101 shares, compared to its average volume of 777,020. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The firm has a market cap of $44.92 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 1.92 and a beta of 1.04. The firm's fifty day simple moving average is $314.05 and its two-hundred day simple moving average is $333.29.
Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter last year, the firm posted $5.08 earnings per share. Cummins's revenue was down 2.7% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.
Cummins Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.23%. Cummins's dividend payout ratio (DPR) is presently 36.22%.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on the company. Truist Financial decreased their target price on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. Evercore ISI reduced their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Citigroup reiterated a "buy" rating and issued a $360.00 target price (up from $350.00) on shares of Cummins in a report on Tuesday. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and cut their target price for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Finally, The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $358.08.
Check Out Our Latest Research Report on Cummins
About Cummins
(
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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