Louisiana State Employees Retirement System Invests $2.06 Million in Cummins Inc. (NYSE:CMI)

Louisiana State Employees Retirement System bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 8,600 shares of the company's stock, valued at approximately $2,060,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Synovus Financial Corp lifted its stake in shares of Cummins by 254.4% during the 1st quarter. Synovus Financial Corp now owns 6,099 shares of the company's stock worth $1,242,000 after purchasing an additional 4,378 shares during the last quarter. Cibc World Market Inc. grew its position in Cummins by 65.4% during the 1st quarter. Cibc World Market Inc. now owns 18,194 shares of the company's stock worth $3,732,000 after purchasing an additional 7,191 shares during the last quarter. Sei Investments Co. increased its position in shares of Cummins by 16.1% in the 1st quarter. Sei Investments Co. now owns 94,391 shares of the company's stock valued at $19,282,000 after acquiring an additional 13,058 shares during the period. Prudential PLC purchased a new position in Cummins in the 1st quarter worth $711,000. Finally, Cetera Investment Advisers lifted its position in Cummins by 43.0% during the 1st quarter. Cetera Investment Advisers now owns 6,403 shares of the company's stock worth $1,313,000 after acquiring an additional 1,925 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the business's stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company's stock, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Cummins news, Director Daniel William Fisher bought 562 shares of the business's stock in a transaction dated Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the purchase, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is currently owned by insiders.

Cummins Stock Performance

Shares of NYSE CMI traded up $0.06 during trading hours on Thursday, reaching $291.42. The stock had a trading volume of 764,438 shares, compared to its average volume of 2,818,201. The firm has a market cap of $39.85 billion, a price-to-earnings ratio of 56.26, a PEG ratio of 2.01 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The firm has a 50-day moving average of $279.54 and a 200-day moving average of $247.93. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts' consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the company earned $4.52 EPS. The firm's revenue for the quarter was up 9.9% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post 18.29 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.31%. Cummins's payout ratio is 129.73%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Truist Financial assumed coverage on shares of Cummins in a research note on Thursday, March 14th. They set a "hold" rating and a $303.00 price objective for the company. StockNews.com lowered Cummins from a "buy" rating to a "hold" rating in a report on Monday, March 4th. TD Cowen upped their price target on Cummins from $260.00 to $272.00 and gave the company an "outperform" rating in a research report on Wednesday, February 7th. Citigroup raised their price objective on shares of Cummins from $265.00 to $285.00 and gave the stock a "buy" rating in a research report on Monday, February 12th. Finally, The Goldman Sachs Group lifted their target price on Cummins from $270.00 to $306.00 and gave the company a "neutral" rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $279.70.

About Cummins

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.