Illinois Municipal Retirement Fund Sells 2,467 Shares of Cummins Inc. $CMI

Illinois Municipal Retirement Fund lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 5.0% during the third quarter, HoldingsChannel reports. The fund owned 47,145 shares of the company’s stock after selling 2,467 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Cummins were worth $19,913,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of CMI. Norges Bank bought a new position in shares of Cummins during the 2nd quarter worth about $505,941,000. American Century Companies Inc. lifted its stake in shares of Cummins by 138.8% in the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after buying an additional 528,689 shares during the period. Bank of New York Mellon Corp grew its position in Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after buying an additional 488,430 shares in the last quarter. Ontario Teachers Pension Plan Board increased its stake in Cummins by 5,158.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after acquiring an additional 427,670 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after acquiring an additional 344,680 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Wolfe Research cut Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective on the stock. in a research report on Monday, January 26th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. UBS Group set a $565.00 price objective on shares of Cummins and gave the company a “neutral” rating in a research note on Friday, February 6th. Robert W. Baird set a $580.00 target price on shares of Cummins in a research report on Friday, February 6th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Insider Activity

In other news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction that occurred on 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 directly owned 9,271 shares in the company, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.41% of the company’s stock.

Cummins Trading Up 1.9%

CMI stock opened at $599.19 on Thursday. The business has a fifty day moving average price of $546.63 and a 200 day moving average price of $466.82. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The stock has a market capitalization of $82.71 billion, a price-to-earnings ratio of 29.20, a P/E/G ratio of 1.86 and a beta of 1.13.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same period last year, the company posted $5.16 earnings per share. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. Analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. Cummins’s payout ratio is currently 38.99%.

About Cummins

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.