Illinois Municipal Retirement Fund Has $14.49 Million Stake in Cummins Inc. (NYSE:CMI)

Illinois Municipal Retirement Fund decreased its position in shares of Cummins Inc. (NYSE:CMI) by 20.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,572 shares of the company’s stock after selling 10,734 shares during the period. Illinois Municipal Retirement Fund’s holdings in Cummins were worth $14,492,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Todd Asset Management LLC increased its holdings in shares of Cummins by 1.7% during the fourth quarter. Todd Asset Management LLC now owns 140,320 shares of the company’s stock worth $48,916,000 after buying an additional 2,377 shares in the last quarter. Amalgamated Bank grew its stake in shares of Cummins by 3.0% during the fourth quarter. Amalgamated Bank now owns 30,208 shares of the company’s stock valued at $10,531,000 after purchasing an additional 872 shares during the last quarter. FourThought Financial Partners LLC bought a new stake in shares of Cummins during the fourth quarter valued at approximately $269,000. Bank of New York Mellon Corp grew its stake in shares of Cummins by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after purchasing an additional 120,579 shares during the last quarter. Finally, Mengis Capital Management Inc. boosted its stake in Cummins by 2.0% in the fourth quarter. Mengis Capital Management Inc. now owns 5,338 shares of the company’s stock valued at $1,861,000 after acquiring an additional 105 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $360.44 on Tuesday. The firm has a 50 day moving average of $361.38 and a 200-day moving average of $342.85. The stock has a market capitalization of $49.55 billion, a PE ratio of 12.80, a PEG ratio of 2.19 and a beta of 1.00. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12 month low of $260.88 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the prior year, the company earned $4.14 EPS. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Analyst Ratings Changes

CMI has been the topic of a number of recent research reports. Truist Financial raised their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. StockNews.com cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Robert W. Baird lifted their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Finally, Citigroup reduced their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and an average price target of $386.67.

Cummins 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.