Oregon Public Employees Retirement Fund Has $6.63 Million Stock Position in Cummins Inc. $CMI

Oregon Public Employees Retirement Fund grew its position in Cummins Inc. (NYSE:CMI) by 32.2% in the third quarter, Holdings Channel.com reports. The fund owned 15,686 shares of the company’s stock after buying an additional 3,824 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Cummins were worth $6,625,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC lifted its position in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the period. Caxton Associates LLP bought a new stake in Cummins in the 1st quarter valued at $431,000. Focus Partners Wealth raised its stake in shares of Cummins by 37.6% in the 1st quarter. Focus Partners Wealth now owns 34,639 shares of the company’s stock valued at $10,858,000 after buying an additional 9,474 shares in the last quarter. Intech Investment Management LLC lifted its holdings in shares of Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares during the period. Finally, Belpointe Asset Management LLC lifted its holdings in shares of Cummins by 13.9% during the 1st quarter. Belpointe Asset Management LLC now owns 2,038 shares of the company’s stock worth $639,000 after acquiring an additional 248 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $552.52 on Friday. The stock has a market capitalization of $76.27 billion, a P/E ratio of 28.67, a price-to-earnings-growth ratio of 1.93 and a beta of 1.12. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $554.15. The firm has a 50 day moving average of $498.53 and a 200-day moving average of $428.33.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The firm had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. During the same period last year, the firm posted $5.86 EPS. The business’s revenue was down 1.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were paid a $2.00 dividend. The ex-dividend date was Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.4%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Insider Activity at Cummins

In related news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the transaction, the insider owned 9,271 shares in the company, valued at $4,536,485.72. This represents a 13.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the sale, the chief executive officer directly owned 42,880 shares in the company, valued at approximately $20,320,403.20. This represents a 9.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 19,330 shares of company stock valued at $9,135,364 over the last ninety days. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CMI. Sanford C. Bernstein reissued a “market perform” rating and issued a $475.00 price target on shares of Cummins in a research report on Friday, November 7th. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Raymond James Financial raised Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 target price for the company in a report on Monday, December 22nd. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 30th. Finally, UBS Group upgraded Cummins from a “sell” rating to a “neutral” rating in a research report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $492.75.

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.