State of Alaska Department of Revenue boosted its position in Cummins Inc. (NYSE:CMI) by 10.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 44,277 shares of the company’s stock after buying an additional 4,144 shares during the period. State of Alaska Department of Revenue’s holdings in Cummins were worth $6,465,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CMI. Boston Partners lifted its holdings in shares of Cummins by 45.4% in the second quarter. Boston Partners now owns 4,918,989 shares of the company’s stock valued at $654,225,000 after purchasing an additional 1,534,792 shares in the last quarter. LSV Asset Management increased its position in shares of Cummins by 76.6% during the second quarter. LSV Asset Management now owns 1,800,245 shares of the company’s stock valued at $239,432,000 after acquiring an additional 781,118 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Cummins by 134.3% during the second quarter. Renaissance Technologies LLC now owns 780,300 shares of the company’s stock valued at $103,780,000 after acquiring an additional 447,336 shares during the last quarter. Millennium Management LLC increased its position in shares of Cummins by 92.7% during the first quarter. Millennium Management LLC now owns 736,626 shares of the company’s stock valued at $119,400,000 after acquiring an additional 354,266 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of Cummins by 865.7% during the second quarter. Advisors Asset Management Inc. now owns 345,618 shares of the company’s stock valued at $3,875,000 after acquiring an additional 309,827 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

NYSE:CMI opened at $145.24 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.61 and a quick ratio of 1.03. Cummins Inc. has a 1 year low of $129.90 and a 1 year high of $194.18. The firm has a market capitalization of $24.07 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 0.84 and a beta of 1.12.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, July 31st. The company reported $3.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.63 by ($0.31). Cummins had a return on equity of 26.30% and a net margin of 4.67%. The firm had revenue of $6.13 billion during the quarter, compared to analysts’ expectations of $5.81 billion. During the same period in the prior year, the business earned $2.53 earnings per share. The business’s quarterly revenue was up 20.8% compared to the same quarter last year. On average, equities research analysts predict that Cummins Inc. will post 14.94 EPS for the current fiscal year.

Cummins announced that its board has initiated a share buyback program on Tuesday, October 9th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 8.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th will be given a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Wednesday, November 14th. Cummins’s dividend payout ratio is currently 42.94%.

In other Cummins news, CAO Marya M. Rose sold 14,579 shares of the firm’s stock in a transaction on Monday, October 8th. The stock was sold at an average price of $151.07, for a total value of $2,202,449.53. Following the completion of the sale, the chief accounting officer now directly owns 24,424 shares of the company’s stock, valued at $3,689,733.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark Andrew Smith sold 501 shares of the firm’s stock in a transaction on Tuesday, October 9th. The stock was sold at an average price of $153.27, for a total value of $76,788.27. Following the completion of the sale, the vice president now directly owns 4,463 shares of the company’s stock, valued at $684,044.01. The disclosure for this sale can be found here. Insiders sold 26,087 shares of company stock valued at $3,914,211 over the last three months. Company insiders own 0.67% of the company’s stock.

A number of brokerages recently commented on CMI. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Bank of America increased their price target on Cummins from $154.00 to $157.00 and gave the company a “neutral” rating in a research report on Wednesday, August 1st. Citigroup decreased their price target on Cummins from $160.00 to $150.00 and set a “neutral” rating for the company in a research report on Monday, June 25th. Stifel Nicolaus increased their price target on Cummins from $172.00 to $174.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, ValuEngine raised Cummins from a “strong sell” rating to a “sell” rating in a research report on Friday, September 21st. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $167.48.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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