Kentucky Retirement Systems Has $2.85 Million Stock Position in Cummins Inc. (NYSE:CMI)

Kentucky Retirement Systems lessened its position in shares of Cummins Inc. (NYSE:CMI) by 4.3% in the second quarter, HoldingsChannel.com reports. The firm owned 10,307 shares of the company’s stock after selling 462 shares during the quarter. Kentucky Retirement Systems’ holdings in Cummins were worth $2,854,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Quest Partners LLC bought a new position in shares of Cummins in the 4th quarter worth about $459,000. Assetmark Inc. lifted its stake in Cummins by 6.4% in the fourth quarter. Assetmark Inc. now owns 16,965 shares of the company’s stock valued at $4,064,000 after buying an additional 1,020 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Cummins by 41.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 344 shares of the company’s stock worth $82,000 after buying an additional 100 shares in the last quarter. Balboa Wealth Partners acquired a new stake in shares of Cummins during the 4th quarter worth approximately $212,000. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Cummins by 8.0% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 35,855 shares of the company’s stock valued at $8,590,000 after acquiring an additional 2,651 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI opened at $308.27 on Friday. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $322.83. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company has a market capitalization of $42.17 billion, a price-to-earnings ratio of 22.57, a P/E/G ratio of 1.70 and a beta of 0.98. The firm’s fifty day moving average price is $297.72 and its two-hundred day moving average price is $288.23.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the prior year, the firm posted $5.18 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is 53.29%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of a number of research reports. Raymond James initiated coverage on shares of Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial boosted their target price on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. increased their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Finally, Citigroup began coverage on Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $299.55.

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.