State of Alaska Department of Revenue Lowers Stock Holdings in Cummins Inc. $CMI

State of Alaska Department of Revenue trimmed its stake in Cummins Inc. (NYSE:CMI) by 7.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,756 shares of the company’s stock after selling 1,045 shares during the period. State of Alaska Department of Revenue’s holdings in Cummins were worth $7,021,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Thompson Investment Management Inc. purchased a new stake in shares of Cummins in the 4th quarter worth approximately $26,000. Holos Integrated Wealth LLC purchased a new stake in shares of Cummins in the 4th quarter worth approximately $32,000. Palouse Capital Management Inc. purchased a new stake in shares of Cummins in the 4th quarter worth approximately $33,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Cummins in the 3rd quarter worth approximately $28,000. Finally, Olistico Wealth LLC purchased a new stake in shares of Cummins in the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 0.5%

NYSE CMI opened at $615.36 on Wednesday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The firm has a market cap of $85.02 billion, a PE ratio of 29.99, a price-to-earnings-growth ratio of 1.96 and a beta of 1.14. The company has a 50 day moving average price of $569.01 and a 200 day moving average price of $519.67. Cummins Inc. has a 52 week low of $269.24 and a 52 week high of $620.78.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same quarter in the previous year, the business posted $5.16 EPS. Cummins’s revenue was up 1.1% 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a dividend of $2.00 per share. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. Cummins’s dividend payout ratio is presently 38.99%.

Insider Buying and Selling at Cummins

In other news, VP Jennifer Mary Bush sold 4,270 shares of the stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the transaction, the vice president directly owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. This represents a 22.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Earl Newsome sold 1,300 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the transaction, the vice president directly owned 3,389 shares in the company, valued at $1,978,057.63. This represents a 27.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 31,195 shares of company stock worth $18,397,489 in the last three months. 0.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CMI. Raymond James Financial upped their price target on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. UBS Group set a $565.00 price target on shares of Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 price target on shares of Cummins in a research report on Friday, February 6th. Argus set a $696.00 price target on shares of Cummins in a research report on Tuesday, February 10th. Finally, Wells Fargo & Company upped their price target on shares of Cummins from $630.00 to $693.00 and gave the stock an “overweight” rating in a research report on Monday. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $598.47.

Cummins Company 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.