Teachers Retirement System of The State of Kentucky Buys Shares of 68,065 Cummins Inc. (NYSE:CMI)

Teachers Retirement System of The State of Kentucky purchased a new position in shares of Cummins Inc. (NYSE:CMI – Get Rating) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 68,065 shares of the company’s stock, valued at approximately $13,852,000.

Other large investors have also made changes to their positions in the company. West Financial Advisors LLC acquired a new stake in Cummins in the third quarter valued at $26,000. Stonebridge Capital Advisors LLC raised its position in shares of Cummins by 64.0% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 164 shares of the company’s stock worth $33,000 after purchasing an additional 64 shares during the last quarter. Ten Capital Wealth Advisors LLC purchased a new stake in Cummins in the 3rd quarter valued at approximately $35,000. Castle Wealth Management LLC grew its holdings in Cummins by 125.0% during the 3rd quarter. Castle Wealth Management LLC now owns 180 shares of the company’s stock valued at $37,000 after buying an additional 100 shares during the last quarter. Finally, New Millennium Group LLC purchased a new position in Cummins during the second quarter worth $39,000. Hedge funds and other institutional investors own 80.94% of the company’s stock.

Insiders Place Their Bets

In related news, Director Georgia R. Nelson sold 1,933 shares of the firm’s stock in a transaction dated Wednesday, February 15th. The stock was sold at an average price of $251.64, for a total transaction of $486,420.12. Following the sale, the director now directly owns 21,742 shares in the company, valued at approximately $5,471,156.88. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Georgia R. Nelson sold 1,933 shares of the firm’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $251.64, for a total transaction of $486,420.12. Following the completion of the sale, the director now directly owns 21,742 shares of the company’s stock, valued at approximately $5,471,156.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Walter J. Fier sold 3,307 shares of the business’s stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $252.99, for a total transaction of $836,637.93. Following the completion of the transaction, the vice president now owns 8,090 shares in the company, valued at approximately $2,046,689.10. The disclosure for this sale can be found here. Insiders have sold a total of 16,709 shares of company stock worth $4,245,545 over the last quarter. 1.05% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on CMI. StockNews.com assumed coverage on Cummins in a research note on Thursday. They set a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Cummins from $235.00 to $231.00 and set a “hold” rating on the stock in a research note on Tuesday, February 7th. Morgan Stanley cut their price target on Cummins from $264.00 to $262.00 and set an “equal weight” rating for the company in a report on Friday, January 20th. Credit Suisse Group raised their price objective on Cummins from $287.00 to $291.00 and gave the stock an “outperform” rating in a report on Tuesday, February 7th. Finally, UBS Group upped their target price on Cummins from $247.00 to $260.00 and gave the company a “neutral” rating in a research note on Thursday, February 16th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins has a consensus rating of “Hold” and an average target price of $254.75.

Cummins Stock Performance

Cummins stock opened at $231.84 on Friday. The company has a market cap of $32.78 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 1.37 and a beta of 1.01. Cummins Inc. has a 12 month low of $184.27 and a 12 month high of $261.91. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.27 and a quick ratio of 0.77. The stock’s 50-day moving average is $247.96 and its 200-day moving average is $237.03.

Cummins (NYSE:CMI – Get Rating) last announced its quarterly earnings results on Monday, February 6th. The company reported $4.52 earnings per share for the quarter, meeting analysts’ consensus estimates of $4.52. Cummins had a net margin of 7.66% and a return on equity of 24.58%. The firm had revenue of $7.77 billion for the quarter, compared to analysts’ expectations of $7.21 billion. During the same period in the previous year, the company posted $2.85 earnings per share. Cummins’s revenue was up 32.8% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post 18.95 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 9th. Shareholders of record on Friday, February 24th were given a $1.57 dividend. This represents a $6.28 annualized dividend and a yield of 2.71%. The ex-dividend date was Thursday, February 23rd. Cummins’s dividend payout ratio (DPR) is presently 41.56%.

Cummins Profile

(Get Rating)

Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.