California Public Employees Retirement System Has $64.19 Million Position in Cummins Inc. (NYSE:CMI)

California Public Employees Retirement System lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 3.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 267,935 shares of the company’s stock after selling 8,308 shares during the period. California Public Employees Retirement System owned about 0.19% of Cummins worth $64,189,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CMI. Vanguard Group Inc. boosted its stake in shares of Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after buying an additional 2,055,239 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Cummins by 21,025.8% during the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after buying an additional 731,697 shares during the period. iA Global Asset Management Inc. acquired a new stake in shares of Cummins during the 3rd quarter valued at $71,268,000. Envestnet Asset Management Inc. lifted its stake in shares of Cummins by 88.9% in the 3rd 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 during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Cummins by 28.2% in the 3rd 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 during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 0.3 %

Cummins stock opened at $291.40 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The business’s 50-day simple moving average is $282.84 and its 200-day simple moving average is $250.18. The firm has a market capitalization of $39.85 billion, a PE ratio of 56.25, a PEG ratio of 1.99 and a beta of 1.04. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24.

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

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

Analyst Ratings Changes

CMI has been the subject of several analyst reports. JPMorgan Chase & Co. lifted their price objective 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. Morgan Stanley initiated coverage on shares of Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective for the company. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Monday. TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Finally, Truist Financial initiated coverage on shares of Cummins in a research note on Thursday, March 14th. They issued a “hold” rating and a $303.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $279.70.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 over the last three months. 0.56% of the stock is owned by corporate insiders.

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.