Cummins Inc. $CMI Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D trimmed its position in Cummins Inc. (NYSE:CMI) by 2.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,590 shares of the company’s stock after selling 1,205 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Cummins were worth $24,292,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Thompson Investment Management Inc. acquired a new stake in shares of Cummins in the 4th quarter valued at $26,000. Flagship Wealth Advisors LLC acquired a new stake in Cummins during the 3rd quarter worth $28,000. Ares Financial Consulting LLC acquired a new stake in Cummins during the 4th quarter worth $29,000. Osterweis Capital Management Inc. acquired a new stake in Cummins during the 2nd quarter worth $31,000. Finally, Holos Integrated Wealth LLC acquired a new stake in Cummins during the 4th quarter worth $32,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CMI has been the topic of several research analyst reports. Robert W. Baird set a $580.00 price target on shares of Cummins in a research note on Friday, February 6th. Citigroup lifted their price target on shares of Cummins from $630.00 to $710.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Morgan Stanley reiterated an “overweight” rating and set a $675.00 price target on shares of Cummins in a research note on Friday, February 6th. Raymond James Financial lifted their price target on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Finally, UBS Group set a $565.00 price target on shares of Cummins and gave the stock a “neutral” rating in a research note on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $600.27.

Cummins Trading Up 5.3%

NYSE CMI opened at $672.51 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The firm has a market cap of $92.91 billion, a PE ratio of 32.77, a P/E/G ratio of 2.02 and a beta of 1.14. Cummins Inc. has a one year low of $290.73 and a one year high of $674.75. The firm’s fifty day moving average is $581.03 and its two-hundred day moving average is $536.06.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. Cummins’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the business posted $5.16 earnings per share. Analysts expect that Cummins Inc. will post 26.03 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins’s payout ratio is currently 38.99%.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the transaction, the vice president directly owned 3,389 shares in the company, valued at approximately $1,978,057.63. The trade was a 27.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the transaction, the vice president owned 15,130 shares in the company, valued at approximately $8,849,990.90. This represents a 22.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 31,195 shares of company stock valued at $18,397,489 in the last quarter. Corporate insiders own 0.30% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.