North Dakota State Investment Board Invests $2.41 Million in Cummins Inc. $CMI

North Dakota State Investment Board purchased a new position in Cummins Inc. (NYSE:CMI) in the 4th quarter, HoldingsChannel reports. The fund purchased 4,719 shares of the company’s stock, valued at approximately $2,409,000.

Several other large investors have also recently modified their holdings of the stock. Elyxium Wealth LLC purchased a new position in shares of Cummins in the 4th quarter worth about $107,000. Eubel Brady & Suttman Asset Management Inc. purchased a new position in shares of Cummins in the 4th quarter worth about $204,000. Abacus Wealth Partners LLC purchased a new position in shares of Cummins in the 4th quarter worth about $622,000. Soltis Investment Advisors LLC raised its position in shares of Cummins by 14.4% in the 4th quarter. Soltis Investment Advisors LLC now owns 1,127 shares of the company’s stock worth $575,000 after purchasing an additional 142 shares during the last quarter. Finally, Ranch Capital Advisors Inc. raised its position in shares of Cummins by 4.1% in the 4th quarter. Ranch Capital Advisors Inc. now owns 6,079 shares of the company’s stock worth $3,103,000 after purchasing an additional 242 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the transaction, the vice president directly owned 7,214 shares in the company, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $679.90, for a total value of $2,366,731.90. Following the transaction, the vice president owned 8,508 shares of the company’s stock, valued at approximately $5,784,589.20. This trade represents a 29.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 22,397 shares of company stock worth $14,465,833 in the last quarter. 0.30% of the stock is currently owned by insiders.

Cummins Trading Down 2.8%

Shares of NYSE:CMI opened at $677.20 on Tuesday. The stock has a 50 day moving average of $603.93 and a 200 day moving average of $557.42. The company has a market cap of $93.45 billion, a PE ratio of 35.14, a price-to-earnings-growth ratio of 1.76 and a beta of 1.27. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.96 EPS. As a group, equities research analysts expect that Cummins Inc. will post 28.39 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s payout ratio is 41.52%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CMI. UBS Group set a $565.00 price target on Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Raymond James Financial boosted their price target on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research note on Monday, February 9th. Evercore restated an “outperform” rating and set a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Wells Fargo & Company boosted their price target on Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $677.87.

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.