State of Alaska Department of Revenue Boosts Position in Cummins Inc. (NYSE:CMI)

State of Alaska Department of Revenue lifted its stake in shares of Cummins Inc. (NYSE:CMIGet Rating) by 54.4% during the 2nd quarter, Holdings Channel reports. The fund owned 43,474 shares of the company’s stock after buying an additional 15,320 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cummins were worth $8,413,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of CMI. Equitable Holdings Inc. raised its holdings in shares of Cummins by 3.1% during the 4th quarter. Equitable Holdings Inc. now owns 1,650 shares of the company’s stock worth $360,000 after acquiring an additional 50 shares during the period. Eagle Asset Management Inc. raised its holdings in Cummins by 0.8% in the 4th quarter. Eagle Asset Management Inc. now owns 17,836 shares of the company’s stock valued at $3,885,000 after buying an additional 139 shares during the period. Geode Capital Management LLC raised its holdings in Cummins by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 2,823,165 shares of the company’s stock valued at $614,408,000 after buying an additional 100,129 shares during the period. Hoylecohen LLC raised its holdings in Cummins by 6.3% in the 4th quarter. Hoylecohen LLC now owns 9,449 shares of the company’s stock valued at $2,061,000 after buying an additional 563 shares during the period. Finally, KRS Capital Management LLC purchased a new stake in Cummins in the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 80.98% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $211.19 on Monday. Cummins Inc. has a one year low of $184.27 and a one year high of $247.48. The company has a market cap of $29.78 billion, a PE ratio of 14.79, a P/E/G ratio of 1.34 and a beta of 1.03. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.66. The business has a 50-day simple moving average of $215.47 and a 200-day simple moving average of $205.77.

Cummins (NYSE:CMIGet Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $4.77 EPS for the quarter, topping analysts’ consensus estimates of $4.37 by $0.40. Cummins had a return on equity of 23.41% and a net margin of 8.26%. The business had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.48 billion. During the same period in the previous year, the company posted $4.15 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, equities research analysts forecast that Cummins Inc. will post 18.03 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 19th were given a dividend of $1.57 per share. The ex-dividend date of this dividend was Thursday, August 18th. This is an increase from Cummins’s previous quarterly dividend of $1.45. This represents a $6.28 dividend on an annualized basis and a dividend yield of 2.97%. Cummins’s payout ratio is currently 43.98%.

Insider Activity at Cummins

In related news, insider Srikanth Padmanabhan sold 6,020 shares of the company’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $222.01, for a total value of $1,336,500.20. Following the completion of the transaction, the insider now directly owns 22,020 shares of the company’s stock, valued at $4,888,660.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Vice Chairman Tony Satterthwaite sold 4,866 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $230.18, for a total value of $1,120,055.88. Following the completion of the transaction, the insider now directly owns 59,276 shares of the company’s stock, valued at $13,644,149.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Srikanth Padmanabhan sold 6,020 shares of the company’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $222.01, for a total value of $1,336,500.20. Following the completion of the transaction, the insider now directly owns 22,020 shares of the company’s stock, valued at $4,888,660.20. The disclosure for this sale can be found here. Insiders sold 14,001 shares of company stock valued at $3,157,774 over the last three months. 1.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CMI has been the topic of several research analyst reports. Citigroup boosted their price objective on shares of Cummins from $220.00 to $265.00 and gave the company a “buy” rating in a report on Tuesday, August 16th. Credit Suisse Group boosted their price objective on shares of Cummins from $249.00 to $266.00 and gave the company an “outperform” rating in a report on Wednesday, August 3rd. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 3rd. JPMorgan Chase & Co. initiated coverage on Cummins in a research report on Thursday, August 18th. They issued a “neutral” rating for the company. Finally, Cowen dropped their target price on Cummins from $281.00 to $267.00 in a research report on Thursday, July 7th. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $241.22.

Cummins Company Profile

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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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