Commonwealth of Pennsylvania Public School Empls Retrmt SYS Decreases Stock Holdings in Cummins Inc. $CMI

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 32,108 shares of the company’s stock after selling 979 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Cummins were worth $16,390,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Fisher Asset Management LLC boosted its stake in shares of Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares during the period. Accredited Wealth Management LLC boosted its stake in shares of Cummins by 3,100.0% in the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after purchasing an additional 3,100 shares during the period. State of New Jersey Common Pension Fund D boosted its stake in shares of Cummins by 5.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 48,795 shares of the company’s stock valued at $20,610,000 after purchasing an additional 2,574 shares during the period. Strengthening Families & Communities LLC boosted its stake in shares of Cummins by 2,719.7% in the third quarter. Strengthening Families & Communities LLC now owns 8,882 shares of the company’s stock valued at $3,717,000 after purchasing an additional 8,567 shares during the period. Finally, Jefferies Financial Group Inc. purchased a new position in shares of Cummins in the third quarter valued at $11,129,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 0.0%

Shares of NYSE:CMI opened at $646.53 on Monday. The stock has a market capitalization of $89.22 billion, a price-to-earnings ratio of 33.55, a price-to-earnings-growth ratio of 1.57 and a beta of 1.24. Cummins Inc. has a 1-year low of $307.90 and a 1-year high of $718.08. The company’s fifty day moving average is $623.70 and its two-hundred day moving average is $570.47. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $5.96 earnings per share. Equities analysts anticipate that Cummins Inc. will post 29.4 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, May 22nd. Cummins’s dividend payout ratio is 41.52%.

Insider Activity at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president directly owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brett Michael Merritt sold 701 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 17,633 shares of company stock valued at $11,653,357 in the last ninety days. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CMI. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. UBS Group set a $565.00 price target on shares of Cummins and gave the company a “neutral” rating in a report on Friday, February 6th. Raymond James Financial upped their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Finally, Wells Fargo & Company upped their price target on shares of Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $700.50.

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.