Cummins Inc. $CMI Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 12.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 39,076 shares of the company’s stock after selling 5,329 shares during the period. Illinois Municipal Retirement Fund’s holdings in Cummins were worth $21,024,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of CMI. Three Seasons Wealth LLC lifted its position in shares of Cummins by 137.1% during the 1st quarter. Three Seasons Wealth LLC now owns 1,195 shares of the company’s stock valued at $643,000 after acquiring an additional 691 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Cummins in the 1st quarter worth approximately $91,000. Livforsakringsbolaget Skandia Omsesidigt increased its stake in Cummins by 9.8% in the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 51,440 shares of the company’s stock valued at $27,658,000 after purchasing an additional 4,600 shares in the last quarter. Northstar Financial Companies Inc. acquired a new position in Cummins during the first quarter worth $207,000. Finally, Adell Harriman & Carpenter Inc. boosted its position in Cummins by 1.6% during the first quarter. Adell Harriman & Carpenter Inc. now owns 17,347 shares of the company’s stock worth $9,333,000 after purchasing an additional 277 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 1.4%

Shares of CMI stock opened at $666.12 on Thursday. The company has a market capitalization of $91.92 billion, a price-to-earnings ratio of 34.57, a PEG ratio of 1.65 and a beta of 1.22. 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 firm has a 50-day moving average price of $678.35 and a 200 day moving average price of $613.12. Cummins Inc. has a twelve month low of $340.39 and a twelve month high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the company earned $5.96 EPS. Research analysts forecast that Cummins Inc. will post 29.35 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.3%. This is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is 41.52%.

Analysts Set New Price Targets

Several analysts have weighed in on CMI shares. Citigroup upped their target price on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Raymond James Financial increased their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. UBS Group restated a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. Finally, Argus raised their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average price target of $739.43.

Insider Activity

In other Cummins news, EVP Bonnie J. Fetch sold 652 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $700.19, for a total value of $456,523.88. Following the sale, the executive vice president directly owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. This trade represents a 5.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president owned 8,316 shares in the company, valued at approximately $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,579 shares of company stock valued at $9,377,684 in the last 90 days. Insiders own 0.30% of the company’s stock.

Key Cummins News

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: Cummins was upgraded to Zacks Rank #2 (Buy), signaling improving earnings expectations and raising the odds that the stock could move higher if the company continues to deliver strong results. Article Title
• Positive Sentiment: Investors are also focused on Cummins’ 10% dividend hike, which supports the stock’s appeal as a cash-return story and may help sentiment around the shares. Article Title
• Positive Sentiment: Analysts say AI data center power demand could be an additional growth driver for Cummins, while raised 2030 targets reinforce the long-term earnings outlook. Article Title
• Neutral Sentiment: Several reports highlighted Cummins’ history of earnings beats and the possibility of another upside surprise in the next quarterly report, which could be a supportive near-term catalyst if management delivers again. Article Title
• Neutral Sentiment: One note said Cummins was downgraded from strong-buy to hold by Zacks Research, which is a mild headwind but does not change the broader positive tone around the name. Article Title
• Positive Sentiment: Cummins’ recently announced quarterly dividend increase and commentary that the stock may be undervalued are also helping support investor confidence in the shares. Article Title

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.