Illinois Municipal Retirement Fund Has $13.63 Million Stake in Cummins Inc. (NYSE:CMI)

Illinois Municipal Retirement Fund lowered its holdings in Cummins Inc. (NYSE:CMI) by 6.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 56,897 shares of the company’s stock after selling 3,622 shares during the period. Illinois Municipal Retirement Fund’s holdings in Cummins were worth $13,631,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Foster & Motley Inc. increased its holdings in Cummins by 2.3% in the fourth quarter. Foster & Motley Inc. now owns 28,878 shares of the company’s stock valued at $6,918,000 after purchasing an additional 656 shares during the last quarter. RWA Wealth Partners LLC bought a new stake in Cummins in the fourth quarter valued at about $578,000. Mengis Capital Management Inc. increased its holdings in Cummins by 6.0% in the fourth quarter. Mengis Capital Management Inc. now owns 5,327 shares of the company’s stock valued at $1,276,000 after purchasing an additional 300 shares during the last quarter. Stock Yards Bank & Trust Co. increased its holdings in Cummins by 20.6% in the fourth quarter. Stock Yards Bank & Trust Co. now owns 5,636 shares of the company’s stock valued at $1,350,000 after purchasing an additional 961 shares during the last quarter. Finally, Duality Advisers LP bought a new stake in Cummins in the fourth quarter valued at about $1,522,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now directly owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 in the last 90 days. Insiders own 0.56% of the company’s stock.

Cummins Stock Up 0.6 %

CMI traded up $1.60 during midday trading on Tuesday, reaching $292.00. 166,432 shares of the company were exchanged, compared to its average volume of 2,757,784. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The company’s fifty day moving average price is $280.93 and its 200 day moving average price is $249.14. The company has a market cap of $39.93 billion, a price-to-earnings ratio of 56.05, a price-to-earnings-growth ratio of 1.96 and a beta of 1.04. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the prior year, the firm posted $4.52 earnings per share. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, analysts expect that Cummins Inc. will post 18.31 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a $1.68 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.30%. Cummins’s payout ratio is presently 129.73%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. The Goldman Sachs Group increased their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Evercore ISI raised their price objective on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $243.00 to $225.00 in a report on Friday, January 19th. TD Cowen lifted their target price on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Finally, Truist Financial assumed coverage on Cummins in a report on Thursday, March 14th. They set a “hold” rating and a $303.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $279.70.

About Cummins

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.