Police & Firemen s Retirement System of New Jersey Has $6.85 Million Stake in Cummins Inc. $CMI

Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,901 shares of the company’s stock after purchasing an additional 933 shares during the period. Police & Firemen s Retirement System of New Jersey’s holdings in Cummins were worth $6,845,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMI. Brighton Jones LLC raised its stake in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares in the last quarter. Stephens Inc. AR lifted its holdings in shares of Cummins by 37.8% in the first quarter. Stephens Inc. AR now owns 1,879 shares of the company’s stock worth $589,000 after acquiring an additional 515 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Cummins by 19.8% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,265 shares of the company’s stock valued at $396,000 after purchasing an additional 209 shares in the last quarter. Wealthfront Advisers LLC grew its holdings in shares of Cummins by 1.5% during the 1st quarter. Wealthfront Advisers LLC now owns 10,788 shares of the company’s stock valued at $3,381,000 after purchasing an additional 161 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in Cummins by 6.2% during the 1st quarter. Victory Capital Management Inc. now owns 210,922 shares of the company’s stock worth $66,111,000 after purchasing an additional 12,284 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cummins news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This represents a 9.63% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 38,127 shares of company stock worth $16,993,030. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CMI shares. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a report on Wednesday, November 5th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Truist Financial lifted their price target on Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a research note on Friday, November 7th. Finally, Barclays upped their price objective on Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a research note on Tuesday. Ten equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $445.93.

Cummins Trading Down 1.3%

Shares of CMI stock opened at $461.54 on Friday. The stock has a market cap of $63.71 billion, a price-to-earnings ratio of 21.70, a PEG ratio of 2.05 and a beta of 1.07. The stock has a 50-day moving average of $428.42 and a 200-day moving average of $374.95. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $484.84.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating the consensus estimate of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the business posted $5.86 earnings per share. On average, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio is presently 41.52%.

Cummins 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.