Cummins Inc. (NYSE:CMI) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System cut its position in shares of Cummins Inc. (NYSE:CMI) by 12.4% during the 1st quarter, Holdings Channel reports. The firm owned 6,387 shares of the company’s stock after selling 908 shares during the period. Maryland State Retirement & Pension System’s holdings in Cummins were worth $2,002,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in shares of Cummins by 38,220.5% in the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock worth $373,428,000 after acquiring an additional 1,188,276 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after buying an additional 321,823 shares during the period. Northern Trust Corp increased its position in shares of Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after acquiring an additional 246,807 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of Cummins by 5,553.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 134,052 shares of the company’s stock valued at $46,731,000 after acquiring an additional 131,681 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Cummins in the 4th quarter valued at approximately $45,015,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director John H. Stone bought 1,000 shares of the business’s stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $387.57 on Friday. The company has a current ratio of 1.64, a quick ratio of 0.81 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $391.56. The business has a fifty day simple moving average of $339.84 and a 200 day simple moving average of $331.71. The firm has a market cap of $53.40 billion, a price-to-earnings ratio of 18.22, a P/E/G ratio of 1.90 and a beta of 1.02.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%. The business had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. During the same period last year, the company earned $5.26 earnings per share. Cummins’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, August 22nd. Cummins’s dividend payout ratio is 34.23%.

Analyst Ratings Changes

Several research firms have weighed in on CMI. Truist Financial lifted their price objective on shares of Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a research report on Thursday. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Evercore ISI reduced their price objective on Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research note on Monday, May 19th. Morgan Stanley raised their price objective on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Finally, Citigroup upped their target price on Cummins from $380.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and an average target price of $370.83.

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.