Cummins Inc. $CMI Stock Holdings Lifted by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System raised its stake in Cummins Inc. (NYSE:CMI) by 4.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,689 shares of the company’s stock after buying an additional 302 shares during the period. Maryland State Retirement & Pension System’s holdings in Cummins were worth $2,191,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Fox Run Management L.L.C. bought a new position in shares of Cummins in the first quarter valued at $2,749,000. Alpha Cubed Investments LLC bought a new position in shares of Cummins in the first quarter valued at $440,000. Assenagon Asset Management S.A. increased its holdings in shares of Cummins by 8.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after buying an additional 1,114 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Cummins by 11.6% in the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after buying an additional 126,362 shares in the last quarter. Finally, Artemis Investment Management LLP grew its position in Cummins by 19.1% during the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock worth $2,428,000 after purchasing an additional 1,241 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on CMI shares. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research report on Wednesday, September 3rd. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Finally, Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $397.43.

Insider Transactions at Cummins

In related news, CFO Mark Andrew Smith sold 8,000 shares of the company’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $13,873,972.60. This represents a 20.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,119 shares of company stock valued at $17,674,285 in the last three months. 0.41% of the stock is currently owned by company insiders.

Cummins Trading Down 3.1%

Cummins stock opened at $413.28 on Friday. The company’s fifty day simple moving average is $407.21 and its 200-day simple moving average is $349.37. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $440.51. The stock has a market cap of $56.95 billion, a P/E ratio of 19.43, a P/E/G ratio of 2.06 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. During the same period in the previous year, the company posted $5.26 EPS. Cummins’s revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a $2.00 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio is currently 37.61%.

Cummins Company 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.