Illinois Municipal Retirement Fund Sells 3,622 Shares of Cummins Inc. (NYSE:CMI)

Illinois Municipal Retirement Fund lessened its position in Cummins Inc. (NYSE:CMI) by 6.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC raised its holdings in Cummins by 2.2% during the 3rd quarter. International Assets Investment Management LLC now owns 3,480 shares of the company’s stock worth $800,000 after purchasing an additional 74 shares during the last quarter. HB Wealth Management LLC raised its holdings in Cummins by 23.9% during the 3rd quarter. HB Wealth Management LLC now owns 2,756 shares of the company’s stock worth $630,000 after purchasing an additional 532 shares during the last quarter. SG Americas Securities LLC raised its holdings in Cummins by 9.5% during the 3rd 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 during the last quarter. Summit Global Investments bought a new position in Cummins during the 3rd quarter worth approximately $437,000. Finally, Atwater Malick LLC raised its holdings in Cummins by 0.8% during the 3rd quarter. Atwater Malick LLC now owns 35,025 shares of the company’s stock worth $8,002,000 after purchasing an additional 279 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the business’s 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 directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Tony Satterthwaite sold 37,450 shares of the business’s stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 completion of the transaction, the vice president now 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 sold a total of 51,289 shares of company stock worth $13,576,838 in the last three months. 0.56% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of analyst reports. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Citigroup lifted their price target on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. Morgan Stanley started coverage on shares of Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target on the stock. Finally, StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Monday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus price target of $279.70.

Cummins Stock Up 0.6 %

Shares of CMI traded up $1.60 during trading hours on Tuesday, hitting $292.00. The company had a trading volume of 166,432 shares, compared to its average volume of 2,757,784. The firm has a fifty day moving average price of $280.93 and a 200-day moving average price of $249.14. 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 stock has a market capitalization of $39.93 billion, a price-to-earnings ratio of 56.05, a P/E/G ratio of 1.96 and a beta of 1.04. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $304.24.

Cummins (NYSE:CMI) last issued its earnings results 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). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same period last year, the firm posted $4.52 EPS. Cummins’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, equities research analysts forecast that Cummins Inc. will post 18.31 EPS for the current fiscal year.

Cummins Dividend Announcement

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

Cummins Company Profile

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.