Kentucky Retirement Systems Insurance Trust Fund Trims Position in Cummins Inc. (NYSE:CMI)

Kentucky Retirement Systems Insurance Trust Fund trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 8.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. PFG Investments LLC lifted its position in shares of Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after acquiring an additional 485 shares in the last quarter. CWM LLC lifted its holdings in Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after purchasing an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC boosted its stake in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after purchasing an additional 59,027 shares during the period. Manning & Napier Advisors LLC bought a new position in Cummins in the 2nd quarter worth approximately $16,329,000. Finally, Cetera Advisors LLC raised its position in shares of Cummins by 162.9% during the first quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock valued at $6,739,000 after buying an additional 14,170 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CMI shares. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group raised their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. boosted their target price on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Robert W. Baird raised their price target on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, Citigroup upped their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $334.33.

Cummins Stock Performance

Shares of Cummins stock opened at $361.85 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock’s fifty day moving average is $328.91 and its two-hundred day moving average is $301.64. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.21. The company has a market capitalization of $49.64 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 1.79 and a beta of 0.97.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is presently 48.08%.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 162 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock valued at $9,033,945 over the last quarter. 0.56% of the stock is owned by corporate insiders.

Cummins 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.