Cummins Inc. (NYSE:CMI) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky lowered its position in Cummins Inc. (NYSE:CMI) by 0.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,404 shares of the company’s stock after selling 685 shares during the quarter. Teachers Retirement System of The State of Kentucky owned 0.08% of Cummins worth $28,636,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins during the 2nd quarter worth approximately $28,000. Cultivar Capital Inc. purchased a new stake in shares of Cummins in the second quarter valued at $28,000. Lynx Investment Advisory acquired a new stake in shares of Cummins during the second quarter valued at $29,000. LRI Investments LLC purchased a new stake in Cummins during the 1st quarter worth about $31,000. Finally, JNBA Financial Advisors raised its stake in Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CMI. Evercore ISI lifted their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Barclays lifted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Truist Financial increased their target price on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $299.55.

Cummins Price Performance

Shares of NYSE CMI opened at $323.47 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $333.43. The business has a 50-day moving average of $301.00 and a 200-day moving average of $290.70. The company has a market capitalization of $44.24 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 1.81 and a beta of 0.98.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the firm earned $5.18 EPS. On average, equities analysts anticipate that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders 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 annualized dividend and a yield of 2.25%. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

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.