Illinois Municipal Retirement Fund Lowers Stock Holdings in Cummins Inc. $CMI

Illinois Municipal Retirement Fund reduced its position in Cummins Inc. (NYSE:CMI) by 5.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,405 shares of the company’s stock after selling 2,740 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Cummins were worth $22,667,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC raised its stake in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares in the last quarter. Intech Investment Management LLC boosted its stake in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after purchasing an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in shares of Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after purchasing an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC bought a new position in shares of Cummins during the 2nd quarter valued at $225,000. Finally, Osterweis Capital Management Inc. purchased a new position in Cummins in the 2nd quarter worth $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction dated 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 owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. The trade was a 8.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider owned 10,404 shares in the company, valued at $7,165,755. This represents a 6.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last quarter. 0.30% of the stock is owned by company insiders.

Cummins Stock Performance

Shares of NYSE:CMI opened at $630.88 on Thursday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average price of $643.89 and a 200-day moving average price of $581.43. The company has a market cap of $87.05 billion, a price-to-earnings ratio of 32.74, a price-to-earnings-growth ratio of 1.64 and a beta of 1.23. Cummins Inc. has a 12 month low of $307.90 and a 12 month high of $718.08.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the business earned $5.96 EPS. Cummins’s revenue was up 2.7% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 29.29 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Truist Financial set a $815.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Argus boosted their target price on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Morgan Stanley increased their target price on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Finally, Barclays lifted their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $726.14.

Cummins Company 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.