Alaska Permanent Fund Corp Sells 18,790 Shares of Cummins Inc. (NYSE:CMI)

Alaska Permanent Fund Corp reduced its position in Cummins Inc. (NYSE:CMI) by 32.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,691 shares of the company’s stock after selling 18,790 shares during the quarter. Alaska Permanent Fund Corp’s holdings in Cummins were worth $9,269,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares in the last quarter. International Assets Investment Management LLC raised its stake in Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after purchasing an additional 731,697 shares in the last quarter. iA Global Asset Management Inc. purchased a new stake in Cummins during the third quarter valued at $71,268,000. Envestnet Asset Management Inc. raised its stake in Cummins by 88.9% during the third quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after purchasing an additional 274,927 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Cummins by 28.2% during the third quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock valued at $244,710,000 after purchasing an additional 235,372 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CMI shares. Bank of America downgraded shares of Cummins from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $243.00 to $225.00 in a research note on Friday, January 19th. Citigroup increased their target price on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, February 12th. Morgan Stanley assumed coverage on shares of Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price on the stock. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Monday. Finally, JPMorgan Chase & Co. increased their target price on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $279.70.

Cummins Stock Down 1.5 %

Cummins stock traded down $4.50 during midday trading on Thursday, hitting $287.84. 31,754 shares of the company’s stock were exchanged, compared to its average volume of 2,706,318. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24. The firm has a 50-day moving average of $282.33 and a two-hundred day moving average of $249.89. The company has a market cap of $39.36 billion, a PE ratio of 56.45, a P/E/G ratio of 1.99 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the previous year, the company earned $4.52 earnings per share. The firm’s revenue was up 9.9% on a year-over-year basis. As a group, analysts expect that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is 129.73%.

Insider Activity

In other news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,289 shares of company stock worth $13,576,838. Corporate insiders own 0.56% of the company’s stock.

About Cummins

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 Accelera. 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 parts and services, as well as remanufactured parts and engines.