Alaska Permanent Fund Corp Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

Alaska Permanent Fund Corp trimmed its position in Cummins Inc. (NYSE:CMI - Free Report) by 32.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,691 shares of the company's stock after selling 18,790 shares during the quarter. Alaska Permanent Fund Corp's holdings in Cummins were worth $9,269,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. NewSquare Capital LLC lifted its position in shares of Cummins by 3.6% in the fourth quarter. NewSquare Capital LLC now owns 31,975 shares of the company's stock worth $7,595,000 after purchasing an additional 1,109 shares in the last quarter. GAMMA Investing LLC bought a new position in Cummins during the fourth quarter valued at approximately $250,000. Parkside Financial Bank & Trust raised its position in Cummins by 9.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,648 shares of the company's stock valued at $395,000 after acquiring an additional 145 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in Cummins by 0.8% during the fourth quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 9,525 shares of the company's stock valued at $2,279,000 after acquiring an additional 75 shares in the last quarter. Finally, Foster & Motley Inc. raised its position in Cummins by 2.3% during the fourth quarter. Foster & Motley Inc. now owns 28,878 shares of the company's stock valued at $6,918,000 after acquiring an additional 656 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares of the company's stock, valued at approximately $4,584,529.71. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the firm's stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the transaction, the vice president now directly owns 16,899 shares of the company's stock, valued at approximately $4,584,529.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel William Fisher purchased 562 shares of the firm's stock in a transaction dated Tuesday, February 27th. The shares were acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The disclosure for this purchase can be found here. In the last three months, insiders sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is owned by corporate insiders.

Cummins Trading Down 0.3 %

Cummins stock traded down $0.94 during trading hours on Thursday, reaching $291.40. 765,018 shares of the company's stock traded hands, compared to its average volume of 2,715,673. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The firm has a market capitalization of $39.85 billion, a price-to-earnings ratio of 56.25, a PEG ratio of 1.99 and a beta of 1.04. The firm's 50 day moving average is $282.84 and its 200-day moving average is $250.18.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.41 by ($0.27). The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business's revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.52 earnings per share. On average, analysts predict that Cummins Inc. will post 18.34 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid 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 Ratings Changes

A number of equities analysts have recently commented on the stock. Morgan Stanley initiated coverage on shares of Cummins in a research report on Monday, January 8th. They issued an "overweight" rating and a $278.00 price target on the stock. Truist Financial started coverage on shares of Cummins in a research note on Thursday, March 14th. They set a "hold" rating and a $303.00 target price for the company. Citigroup boosted their price target on shares of Cummins from $265.00 to $285.00 and gave the company a "buy" rating in a report on Monday, February 12th. UBS Group raised shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price target for the company from $254.00 to $321.00 in a report on Friday, March 15th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cummins from $245.00 to $275.00 and gave the company an "underweight" rating in a report on Monday, March 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Cummins has a consensus rating of "Hold" and an average price target of $279.70.

Cummins Company 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.