State of Tennessee Department of Treasury Sells 6,060 Shares of Cummins Inc. (NYSE:CMI)

State of Tennessee Department of Treasury reduced its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 7.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 71,689 shares of the company's stock after selling 6,060 shares during the period. State of Tennessee Department of Treasury owned about 0.05% of Cummins worth $24,991,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Dimensions Group Ltd. bought a new stake in shares of Cummins during the fourth quarter worth about $241,000. TD Waterhouse Canada Inc. lifted its stake in shares of Cummins by 7.2% in the fourth quarter. TD Waterhouse Canada Inc. now owns 4,871 shares of the company's stock worth $1,698,000 after acquiring an additional 327 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Cummins by 24.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,210 shares of the company's stock worth $2,165,000 after acquiring an additional 1,225 shares during the period. Transce3nd LLC acquired a new position in shares of Cummins in the fourth quarter worth approximately $50,000. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Cummins by 9.3% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 8,847 shares of the company's stock worth $3,084,000 after acquiring an additional 752 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Morgan Stanley cut their price objective on Cummins from $425.00 to $340.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Truist Financial cut their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and lifted their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and dropped their price target for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Finally, Robert W. Baird dropped their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $346.00.

Cummins Stock Down 0.1 %

Shares of NYSE CMI traded down $0.40 during midday trading on Friday, hitting $293.56. 576,426 shares of the stock traded hands, compared to its average volume of 807,069. The company has a market cap of $40.44 billion, a PE ratio of 10.42, a P/E/G ratio of 2.19 and a beta of 1.07. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The business has a 50 day moving average price of $318.12 and a two-hundred day moving average price of $343.89. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company's quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.14 earnings per share. On average, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.48%. Cummins's dividend payout ratio is 25.84%.

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.