Kentucky Retirement Systems Cuts Holdings in Cummins Inc. (NYSE:CMI)

Kentucky Retirement Systems reduced its position in shares of Cummins Inc. (NYSE:CMI) by 1.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,418 shares of the company’s stock after selling 130 shares during the quarter. Kentucky Retirement Systems’ holdings in Cummins were worth $3,283,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CMI. PFG Investments LLC boosted its position in Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after purchasing an additional 485 shares in the last quarter. Mariner Investment Group LLC acquired a new position in shares of Cummins during the 4th quarter worth approximately $1,046,000. Alpha DNA Investment Management LLC acquired a new stake in Cummins in the 3rd quarter valued at $748,000. Franklin Resources Inc. grew its stake in Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after acquiring an additional 99,464 shares during the period. Finally, Bank of Montreal Can increased its holdings in Cummins by 21.2% in the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after acquiring an additional 68,627 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CMI has been the topic of several research analyst reports. Jefferies Financial Group lifted their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Evercore ISI increased their price objective on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Robert W. Baird boosted their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $386.67.

Cummins Stock Down 4.6 %

Shares of NYSE CMI opened at $366.79 on Friday. Cummins Inc. has a 1 year low of $259.06 and a 1 year high of $387.90. The company has a market capitalization of $50.43 billion, a P/E ratio of 13.02, a P/E/G ratio of 2.20 and a beta of 1.00. The company has a 50 day simple moving average of $361.51 and a 200-day simple moving average of $341.71. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter last year, the firm earned $4.14 earnings per share. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, equities research analysts predict that Cummins Inc. will post 22.57 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. Cummins’s payout ratio is currently 25.84%.

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.