Louisiana State Employees Retirement System Invests $2.06 Million in Cummins Inc. (NYSE:CMI)

Louisiana State Employees Retirement System purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 8,600 shares of the company’s stock, valued at approximately $2,060,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Crestwood Advisors Group LLC purchased a new position in shares of Cummins during the 4th quarter worth $435,000. Graypoint LLC lifted its stake in shares of Cummins by 21.4% during the 4th quarter. Graypoint LLC now owns 1,255 shares of the company’s stock valued at $301,000 after buying an additional 221 shares in the last quarter. Baystate Wealth Management LLC lifted its stake in shares of Cummins by 63.6% during the 4th quarter. Baystate Wealth Management LLC now owns 247 shares of the company’s stock valued at $59,000 after buying an additional 96 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new position in shares of Cummins during the 4th quarter valued at $195,000. Finally, Cornerstone Wealth Group LLC purchased a new position in shares of Cummins during the 4th quarter valued at $5,389,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CMI shares. JPMorgan Chase & Co. lifted 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. Morgan Stanley started coverage on shares of Cummins in a research note on Monday, January 8th. They set an “overweight” rating and a $278.00 target price on the stock. TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. TD Cowen boosted their price target on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Finally, Citigroup boosted their price target on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and a consensus price target of $279.70.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of the company’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 transaction, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the transaction, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of the company’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 transaction, 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. Insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $291.36 on Thursday. The company’s 50-day moving average price is $278.71 and its 200-day moving average price is $247.63. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The company has a market cap of $39.85 billion, a PE ratio of 56.25, a price-to-earnings-growth ratio of 2.02 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter last year, the firm earned $4.52 earnings per share. The business’s quarterly revenue was up 9.9% on a year-over-year basis. On average, equities research analysts forecast that Cummins Inc. will post 18.29 EPS for the current fiscal year.

Cummins Announces Dividend

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

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.