Alaska Permanent Fund Corp Decreases Holdings in Cummins Inc. (NYSE:CMI)

Alaska Permanent Fund Corp reduced its stake in Cummins Inc. (NYSE:CMI) by 32.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,691 shares of the company’s stock after selling 18,790 shares during the period. Alaska Permanent Fund Corp’s holdings in Cummins were worth $9,269,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. International Assets Investment Management LLC boosted its holdings in Cummins by 2.2% in the third quarter. International Assets Investment Management LLC now owns 3,480 shares of the company’s stock worth $800,000 after acquiring an additional 74 shares in the last quarter. HB Wealth Management LLC increased its position in Cummins by 23.9% in the third quarter. HB Wealth Management LLC now owns 2,756 shares of the company’s stock worth $630,000 after buying an additional 532 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Cummins by 9.5% during the third quarter. SG Americas Securities LLC now owns 7,412 shares of the company’s stock worth $1,693,000 after purchasing an additional 642 shares in the last quarter. Summit Global Investments purchased a new stake in shares of Cummins during the third quarter worth about $437,000. Finally, Atwater Malick LLC grew its position in shares of Cummins by 0.8% during the third quarter. Atwater Malick LLC now owns 35,025 shares of the company’s stock worth $8,002,000 after purchasing an additional 279 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

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 sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction dated 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 sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. Insiders sold 51,289 shares of company stock valued at $13,576,838 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Cummins Stock Down 1.5 %

Shares of NYSE:CMI traded down $4.50 on Thursday, reaching $287.84. The company had a trading volume of 31,754 shares, compared to its average volume of 2,706,318. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $304.24. The firm’s 50 day simple moving average is $282.33 and its 200-day simple moving average is $249.89. The firm has a market capitalization of $39.36 billion, a PE ratio of 56.45, a PEG ratio of 1.99 and a beta of 1.04. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business earned $4.52 EPS. As a group, analysts expect that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.33%. Cummins’s payout ratio is 129.73%.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research reports. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $254.00 to $321.00 in a research note on Friday, March 15th. The Goldman Sachs Group raised their price target on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Truist Financial began coverage on Cummins in a research note on Thursday, March 14th. They set a “hold” rating and a $303.00 price target for the company. Evercore ISI raised their price target on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Finally, TD Cowen raised their price target on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cummins currently has an average 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.