Commonwealth of Pennsylvania Public School Empls Retrmt SYS Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,169 shares of the company’s stock after selling 665 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Cummins were worth $10,168,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Global Trust Asset Management LLC increased its position in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $27,000. TCTC Holdings LLC purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $30,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. UBS Group decreased their target price on Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research report on Tuesday. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Citigroup decreased their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Friday, March 14th. Finally, Truist Financial raised their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average target price of $389.50.

Cummins Price Performance

Shares of NYSE CMI opened at $321.78 on Friday. The stock has a market cap of $44.24 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a fifty day moving average of $355.99 and a 200-day moving average of $347.12.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company earned $4.14 earnings per share. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio is 25.84%.

About Cummins

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.