Cummins Inc. $CMI Holdings Lowered by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund decreased its stake in Cummins Inc. (NYSE:CMI) by 5.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 47,145 shares of the company’s stock after selling 2,467 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Cummins were worth $19,913,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Cummins during the second quarter valued at approximately $505,941,000. American Century Companies Inc. raised its stake in Cummins by 138.8% during the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after purchasing an additional 528,689 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after purchasing an additional 488,430 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its position in shares of Cummins by 5,158.9% in the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock worth $142,777,000 after buying an additional 427,670 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after buying an additional 344,680 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CMI. Citigroup raised their price objective on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Robert W. Baird set a $580.00 price objective on shares of Cummins in a research report on Friday, February 6th. Truist Financial reiterated a “buy” rating and issued a $703.00 target price (up previously from $653.00) on shares of Cummins in a research report on Friday, February 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Stock Performance

CMI opened at $599.19 on Thursday. 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 company has a market cap of $82.71 billion, a PE ratio of 29.20, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13. The stock has a 50-day moving average of $546.63 and a 200-day moving average of $466.82. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping the consensus estimate of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $5.16 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be paid a $2.00 dividend. The ex-dividend date is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Insider Buying and Selling

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. The trade was a 13.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.41% of the stock is owned by company insiders.

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.