Kentucky Retirement Systems Has $7.74 Million Position in Cummins Inc. $CMI

Kentucky Retirement Systems grew its position in Cummins Inc. (NYSE:CMI) by 66.5% in the first quarter, HoldingsChannel.com reports. The fund owned 14,386 shares of the company’s stock after buying an additional 5,745 shares during the period. Kentucky Retirement Systems’ holdings in Cummins were worth $7,740,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the last quarter. Intech Investment Management LLC grew its stake in Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after buying an additional 1,146 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in Cummins by 2.8% in the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after acquiring an additional 1,759 shares during the period. ICW Investment Advisors LLC bought a new position in Cummins in the 2nd quarter valued at about $225,000. Finally, Osterweis Capital Management Inc. acquired a new stake in Cummins during the second quarter worth approximately $31,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Down 5.6%

Shares of Cummins stock opened at $605.63 on Thursday. The company has a market capitalization of $83.57 billion, a price-to-earnings ratio of 31.43, a PEG ratio of 1.56 and a beta of 1.22. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12-month low of $354.68 and a 12-month high of $737.76. The firm’s 50-day moving average price is $670.30 and its two-hundred day moving average price is $621.86.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping 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 net margin of 7.89% and a return on equity of 25.25%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.96 EPS. On average, analysts forecast that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.5%. Cummins’s dividend payout ratio is currently 45.67%.

Wall Street Analyst Weigh In

A number of brokerages have commented on CMI. Robert W. Baird set a $700.00 price objective on Cummins in a report on Wednesday, May 6th. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Wells Fargo & Company upped their price target on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Morgan Stanley raised their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Finally, Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average price target of $740.07.

Insider Transactions at Cummins

In other news, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the transaction, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the sale, the vice president owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by insiders.

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.