7,000 Shares in Cummins Inc. $CMI Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,000 shares of the company’s stock, valued at approximately $3,766,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nicolet Advisory Services LLC raised its holdings in shares of Cummins by 1.6% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after acquiring an additional 17 shares in the last quarter. Uhlmann Price Securities LLC grew its holdings in shares of Cummins by 2.4% during the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after purchasing an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC grew its holdings in shares of Cummins by 0.5% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after purchasing an additional 18 shares in the last quarter. Financial Consulate Inc. increased its position in shares of Cummins by 16.8% in the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after purchasing an additional 18 shares during the last quarter. Finally, ICW Investment Advisors LLC raised its stake in Cummins by 2.6% in the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after purchasing an additional 18 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 5.7%

Shares of NYSE CMI opened at $686.26 on Friday. The stock has a market capitalization of $94.70 billion, a P/E ratio of 35.61, a PEG ratio of 1.68 and a beta of 1.23. Cummins Inc. has a one year low of $322.45 and a one year high of $737.76. The firm’s 50 day simple moving average is $672.37 and its two-hundred day simple moving average is $597.71. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping 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 analyst estimates of $8.37 billion. During the same period in the previous year, the business posted $5.96 EPS. The business’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, analysts expect that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Announces Dividend

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

Insider Buying and Selling at Cummins

In other news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider directly owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $700.19, for a total value of $456,523.88. Following the completion of the transaction, the executive vice president owned 11,679 shares in the company, valued at approximately $8,177,519.01. This represents a 5.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Truist Financial set a $815.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. Robert W. Baird set a $700.00 price objective on shares of Cummins in a report on Wednesday, May 6th. Evercore reiterated an “outperform” rating and issued a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Finally, UBS Group reissued a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $731.86.

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.