Illinois Municipal Retirement Fund Sells 2,740 Shares of Cummins Inc. $CMI

Illinois Municipal Retirement Fund trimmed its position in Cummins Inc. (NYSE:CMI) by 5.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 44,405 shares of the company’s stock after selling 2,740 shares during the period. Illinois Municipal Retirement Fund’s holdings in Cummins were worth $22,667,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. RM Financial Services LLC purchased a new position in Cummins during the fourth quarter valued at $639,000. Janney Montgomery Scott LLC increased its stake in shares of Cummins by 15.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 50,028 shares of the company’s stock worth $25,537,000 after acquiring an additional 6,712 shares in the last quarter. GFS Advisors LLC bought a new position in shares of Cummins in the 4th quarter worth about $207,000. Motley Fool Asset Management LLC lifted its position in Cummins by 35.2% during the 4th quarter. Motley Fool Asset Management LLC now owns 12,857 shares of the company’s stock valued at $6,563,000 after acquiring an additional 3,349 shares during the period. Finally, North Dallas Bank & Trust Co. bought a new stake in Cummins during the fourth quarter worth about $1,730,000. Institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In other news, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the transaction, the insider owned 10,404 shares in the company, valued at $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Bonnie J. Fetch sold 652 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $700.19, for a total value of $456,523.88. Following the transaction, the executive vice president directly owned 11,679 shares in the company, valued at approximately $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CMI shares. Truist Financial set a $815.00 price objective on shares of Cummins in a report on Wednesday, May 6th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $565.00 to $850.00 in a research report on Monday. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Morgan Stanley raised their price objective on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and an average price target of $726.14.

Cummins Stock Down 5.7%

Shares of Cummins stock opened at $630.88 on Thursday. The company has a 50-day simple moving average of $643.89 and a two-hundred day simple moving average of $581.43. The stock has a market capitalization of $87.05 billion, a PE ratio of 32.74, a price-to-earnings-growth ratio of 1.64 and a beta of 1.23. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.96 earnings per share. On average, analysts anticipate that Cummins Inc. will post 29.29 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.3%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Cummins Profile

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.