Kentucky Retirement Systems Insurance Trust Fund Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

Kentucky Retirement Systems Insurance Trust Fund lowered its position in Cummins Inc. (NYSE:CMI) by 8.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,058 shares of the company’s stock after selling 354 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Cummins were worth $1,314,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Empowered Funds LLC grew its holdings in Cummins by 15.3% in the third quarter. Empowered Funds LLC now owns 24,617 shares of the company’s stock worth $7,971,000 after purchasing an additional 3,265 shares during the last quarter. Empirical Finance LLC grew its stake in Cummins by 1.8% during the 3rd quarter. Empirical Finance LLC now owns 4,838 shares of the company’s stock worth $1,566,000 after buying an additional 84 shares during the last quarter. CIBC Asset Management Inc grew its stake in Cummins by 7.3% during the 3rd quarter. CIBC Asset Management Inc now owns 23,340 shares of the company’s stock worth $7,557,000 after buying an additional 1,582 shares during the last quarter. Balboa Wealth Partners acquired a new position in Cummins during the 3rd quarter valued at about $337,000. Finally, OneDigital Investment Advisors LLC raised its stake in Cummins by 6.8% in the third quarter. OneDigital Investment Advisors LLC now owns 8,057 shares of the company’s stock valued at $2,609,000 after buying an additional 511 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 0.5 %

Cummins stock opened at $361.85 on Friday. The firm has a market cap of $49.64 billion, a PE ratio of 23.90, a P/E/G ratio of 1.79 and a beta of 0.97. Cummins Inc. has a 12 month low of $220.02 and a 12 month high of $370.21. The stock’s 50 day simple moving average is $328.91 and its two-hundred day simple moving average is $301.64. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter last year, the business earned $4.73 earnings per share. The firm’s revenue was up .3% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 20.61 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.01%. Cummins’s dividend payout ratio (DPR) is 48.08%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CMI shares. Truist Financial boosted their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. Citigroup lifted their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Finally, StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $334.33.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,540,879.47. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 23.85 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,576 shares of company stock valued at $9,033,945. 0.56% of the stock is owned by company insiders.

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.