Cummins Inc. $CMI Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Raises Holdings

VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in Cummins Inc. (NYSE:CMI) by 55.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,360 shares of the company’s stock after purchasing an additional 1,200 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Cummins were worth $1,736,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Wellington Management Group LLP increased its holdings in Cummins by 243.5% in the second quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock worth $353,072,000 after purchasing an additional 350,910 shares in the last quarter. Fulcrum Wealth Advisors LLC lifted its stake in Cummins by 611.8% in the third quarter. Fulcrum Wealth Advisors LLC now owns 16,264 shares of the company’s stock valued at $8,401,000 after buying an additional 13,979 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Cummins by 45.2% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company’s stock worth $6,981,000 after buying an additional 4,538 shares in the last quarter. CWS Financial Advisors LLC boosted its holdings in shares of Cummins by 973.2% during the 3rd quarter. CWS Financial Advisors LLC now owns 4,733 shares of the company’s stock worth $2,445,000 after buying an additional 4,292 shares in the last quarter. Finally, Legacy Private Trust Co. grew its position in shares of Cummins by 1,264.1% during the 3rd quarter. Legacy Private Trust Co. now owns 12,222 shares of the company’s stock worth $6,314,000 after buying an additional 11,326 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Morgan Stanley lifted their price objective on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. UBS Group cut their target price on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research note on Wednesday, September 30th. Bank of America reduced their price target on shares of Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Finally, Barclays dropped their price objective on shares of Cummins from $760.00 to $675.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $694.24.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Cummins Trading Up 0.0%

Shares of Cummins stock opened at $500.81 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a 52 week low of $426.79 and a 52 week high of $737.76. The stock has a 50 day moving average price of $533.58 and a two-hundred day moving average price of $601.36. The stock has a market capitalization of $68.94 billion, a PE ratio of 25.59, a price-to-earnings-growth ratio of 1.32 and a beta of 1.26.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period in the previous year, the company earned $6.43 earnings per share. Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be given a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 annualized dividend and a yield of 1.8%. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Cummins Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.