Commonwealth of Pennsylvania Public School Empls Retrmt SYS Reduces Holdings in Cummins Inc. $CMI

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lessened its position in Cummins Inc. (NYSE:CMI) by 3.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,108 shares of the company’s stock after selling 979 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Cummins were worth $16,390,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Thompson Investment Management Inc. acquired a new position in shares of Cummins in the fourth quarter valued at approximately $26,000. Activest Wealth Management raised its position in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins in the fourth quarter valued at approximately $27,000. Ares Financial Consulting LLC acquired a new position in shares of Cummins in the fourth quarter valued at approximately $29,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $646.53 on Monday. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $718.08. The firm has a 50 day moving average price of $623.70 and a 200 day moving average price of $570.47. The company has a market cap of $89.22 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 1.57 and a beta of 1.24. 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 released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the firm earned $5.96 earnings per share. Cummins’s revenue was up 2.7% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 29.4 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, May 22nd. Cummins’s payout ratio is currently 41.52%.

Insider Activity at Cummins

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the sale, the insider directly 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the sale, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 17,633 shares of company stock valued at $11,653,357 over the last quarter. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CMI shares. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Morgan Stanley boosted their price objective on shares of Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Argus set a $696.00 price objective on shares of Cummins in a research report on Tuesday, February 10th. Citigroup boosted their price objective on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $700.50.

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.