Illinois Municipal Retirement Fund Sells 10,734 Shares of Cummins Inc. (NYSE:CMI)

Illinois Municipal Retirement Fund lessened its position in shares of Cummins Inc. (NYSE:CMI) by 20.5% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 41,572 shares of the company’s stock after selling 10,734 shares during the period. Illinois Municipal Retirement Fund’s holdings in Cummins were worth $14,492,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of CMI. Global Trust Asset Management LLC grew its holdings in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department acquired a new position in shares of Cummins during the fourth quarter valued at about $26,000. Compass Financial Services Inc acquired a new position in shares of Cummins during the fourth quarter valued at about $27,000. Prospera Private Wealth LLC acquired a new position in shares of Cummins during the third quarter valued at about $32,000. Finally, Kestra Investment Management LLC acquired a new position in shares of Cummins during the fourth quarter valued at about $43,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CMI shares. Citigroup dropped their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Barclays raised their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Robert W. Baird lifted their price objective on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Finally, Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $386.67.

Cummins Price Performance

Shares of Cummins stock opened at $360.44 on Tuesday. Cummins Inc. has a 52-week low of $260.88 and a 52-week high of $387.90. The stock has a market capitalization of $49.55 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. The company has a fifty day moving average of $361.38 and a 200-day moving average of $342.85. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the business posted $4.14 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a $1.82 dividend. The ex-dividend date is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.02%. Cummins’s dividend payout ratio (DPR) is presently 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.