Teachers Retirement System of The State of Kentucky Grows Stake in Cummins Inc. (NYSE:CMI)

Teachers Retirement System of The State of Kentucky grew its position in shares of Cummins Inc. (NYSE:CMI) by 0.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,091 shares of the company’s stock after purchasing an additional 499 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.07% of Cummins worth $32,312,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its holdings in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 52 shares during the last quarter. Capital A Wealth Management LLC bought a new stake in shares of Cummins during the 4th quarter worth $32,000. Olde Wealth Management LLC bought a new stake in shares of Cummins during the 1st quarter worth $30,000. Opal Wealth Advisors LLC bought a new stake in Cummins in the first quarter worth $37,000. Finally, Ritter Daniher Financial Advisory LLC DE lifted its stake in Cummins by 316.7% in the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 125 shares of the company’s stock worth $44,000 after purchasing an additional 95 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CMI shares. Citigroup reissued a “buy” rating and issued a $360.00 price target (up from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. Robert W. Baird boosted their price target on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research note on Friday, July 11th. Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cummins has a consensus rating of “Hold” and an average target price of $361.42.

Cummins Stock Performance

Shares of NYSE:CMI opened at $350.40 on Friday. The company has a market cap of $48.27 billion, a price-to-earnings ratio of 17.43, a price-to-earnings-growth ratio of 1.94 and a beta of 1.03. The company has a 50-day moving average price of $327.72 and a 200-day moving average price of $330.75. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. During the same quarter in the previous year, the company earned $5.08 earnings per share. Cummins’s quarterly revenue was down 2.7% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 2.28%. This is a boost from Cummins’s previous quarterly dividend of $1.82. Cummins’s payout ratio is currently 36.22%.

Insider Activity

In related news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director directly owned 2,441 shares of the company’s stock, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.41% of the stock is owned by corporate insiders.

Cummins Company Profile

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.