1,200 Cummins Inc. $CMI Shares Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al grew its holdings in Cummins Inc. (NYSE:CMI) by 55.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,360 shares of the company’s stock after purchasing an additional 1,200 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Cummins were worth $1,736,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Valmark Advisers Inc. boosted its stake in shares of Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after purchasing an additional 16 shares in the last quarter. Guardian Partners Inc. grew its holdings in shares of Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after purchasing an additional 16 shares during the last quarter. Legacy Financial Advisors Inc. grew its holdings in shares of Cummins by 2.0% during the 2nd quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company’s stock valued at $681,000 after purchasing an additional 19 shares during the last quarter. Sage Private Wealth Group LLC increased its position in Cummins by 3.0% during the 3rd quarter. Sage Private Wealth Group LLC now owns 660 shares of the company’s stock worth $341,000 after purchasing an additional 19 shares in the last quarter. Finally, Ariadne Wealth Management LP increased its position in Cummins by 5.1% during the 1st quarter. Ariadne Wealth Management LP now owns 415 shares of the company’s stock worth $223,000 after purchasing an additional 20 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is currently owned by corporate insiders.

Cummins Trading Up 0.0%

CMI opened at $500.81 on Wednesday. Cummins Inc. has a fifty-two week low of $426.79 and a fifty-two week high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The firm has a market capitalization of $68.94 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 1.32 and a beta of 1.26. The company’s 50 day moving average price is $533.58 and its two-hundred day moving average price is $601.36.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $6.43 EPS. As a group, research analysts predict that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio is presently 44.97%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CMI shares. Wall Street Zen cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Monday. JPMorgan Chase & Co. dropped their price target on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research note on Wednesday, September 23rd. Morgan Stanley raised their price objective on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Wells Fargo & Company reduced their price objective on Cummins from $760.00 to $608.00 and set an “overweight” rating on the stock in a research report on Monday, October 26th. Finally, Evercore lowered their target price on Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a report on Tuesday, August 11th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $694.24.

Cummins Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.