Cummins Inc. (NYSE:CMI) Shares Acquired by Maryland State Retirement & Pension System

Posted by on Jun 23rd, 2022

Maryland State Retirement & Pension System raised its holdings in shares of Cummins Inc. (NYSE:CMI – Get Rating) by 2.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,100 shares of the company’s stock after buying an additional 274 shares during the period. Maryland State Retirement & Pension System’s holdings in Cummins were worth $2,277,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Mystic Asset Management Inc. purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $27,000. KRS Capital Management LLC acquired a new position in Cummins in the fourth quarter worth $30,000. Steward Financial Group LLC acquired a new position in Cummins in the fourth quarter worth $32,000. Cassady Schiller Wealth Management LLC acquired a new position in shares of Cummins during the fourth quarter valued at $39,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Cummins during the fourth quarter valued at $40,000. 80.50% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE CMI opened at $193.87 on Thursday. The business has a fifty day simple moving average of $201.17 and a 200 day simple moving average of $209.90. The company has a current ratio of 1.68, a quick ratio of 1.07 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $27.35 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 1.23 and a beta of 1.02. Cummins Inc. has a one year low of $186.17 and a one year high of $247.48.

Cummins (NYSE:CMI – Get Rating) last issued its earnings results on Tuesday, May 3rd. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.55 by $0.49. The business had revenue of $6.39 billion during the quarter, compared to analyst estimates of $6.06 billion. Cummins had a return on equity of 23.19% and a net margin of 8.00%. Cummins’s revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the company posted $4.04 earnings per share. On average, research analysts anticipate that Cummins Inc. will post 17.58 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, June 2nd. Investors of record on Friday, May 20th were paid a $1.45 dividend. The ex-dividend date of this dividend was Thursday, May 19th. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.99%. Cummins’s payout ratio is 43.15%.

In other Cummins news, VP Sharon R. Barner sold 4,750 shares of the stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $205.00, for a total transaction of $973,750.00. Following the completion of the transaction, the vice president now directly owns 16,348 shares in the company, valued at $3,351,340. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Franklin R. Changdiaz sold 1,560 shares of the stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $199.62, for a total value of $311,407.20. Following the transaction, the director now owns 4,842 shares of the company’s stock, valued at $966,560.04. The disclosure for this sale can be found here. Insiders sold 50,710 shares of company stock valued at $10,468,698 over the last 90 days. 1.05% of the stock is currently owned by corporate insiders.

Several research firms recently weighed in on CMI. Citigroup reduced their price objective on shares of Cummins from $260.00 to $220.00 in a report on Tuesday, April 12th. UBS Group downgraded Cummins from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $260.00 to $214.00 in a report on Friday, March 18th. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 11th. Deutsche Bank Aktiengesellschaft dropped their target price on Cummins from $256.00 to $233.00 and set a “hold” rating on the stock in a report on Thursday, April 14th. Finally, Credit Suisse Group lowered their price target on Cummins from $304.00 to $270.00 in a research note on Wednesday, May 4th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $253.22.

About Cummins (Get Rating)

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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