Cummins Inc. $CMI Stock Position Decreased by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Cummins Inc. by 6.5%, owning 46,221 shares worth approximately $14.48 million after selling 3,212 shares during the quarter.
• Cummins reported earnings of $6.43 per share, exceeding analyst expectations of $5.21, with quarterly revenues totaling $8.64 billion, slightly higher than the anticipated $8.45 billion.
• The company recently announced a quarterly dividend increase to $2.00 per share, with a current dividend yield of 2.0%, marking a boost from the previous $1.82 dividend.

State of New Jersey Common Pension Fund D reduced its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 6.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,221 shares of the company's stock after selling 3,212 shares during the period. State of New Jersey Common Pension Fund D's holdings in Cummins were worth $14,488,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC increased its position in Cummins by 38,220.5% in the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock worth $373,428,000 after buying an additional 1,188,276 shares during the period. Nuveen LLC acquired a new stake in Cummins in the first quarter worth $109,120,000. Vanguard Group Inc. increased its position in Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock worth $5,417,331,000 after buying an additional 321,823 shares during the period. Northern Trust Corp increased its position in Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after buying an additional 246,807 shares during the period. Finally, Balyasny Asset Management L.P. increased its position in Cummins by 5,553.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 134,052 shares of the company's stock worth $46,731,000 after buying an additional 131,681 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. This trade represents a 19.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company's stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,179 shares of company stock worth $9,636,871 over the last three months. Company insiders own 0.41% of the company's stock.

Cummins Price Performance

CMI stock traded down $2.1360 during trading hours on Thursday, hitting $394.2140. 726,358 shares of the stock traded hands, compared to its average volume of 881,796. The stock has a 50-day simple moving average of $351.98 and a 200 day simple moving average of $333.95. Cummins Inc. has a one year low of $260.02 and a one year high of $408.38. The company has a market cap of $54.32 billion, a P/E ratio of 18.53, a P/E/G ratio of 1.96 and a beta of 1.02. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

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

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a $2.00 dividend. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. Cummins's dividend payout ratio is 34.23%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wells Fargo & Company raised Cummins to an "overweight" rating in a research report on Monday, August 11th. JPMorgan Chase & Co. increased their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Citigroup increased their target price on Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Truist Financial raised their price target on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Finally, The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and raised their price target for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $370.83.

Cummins Profile

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.