California Public Employees Retirement System Sells 14,227 Shares of Cummins Inc. (NYSE:CMI)

California Public Employees Retirement System decreased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 5.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 240,543 shares of the company's stock after selling 14,227 shares during the period. California Public Employees Retirement System owned approximately 0.18% of Cummins worth $83,853,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Global Trust Asset Management LLC grew its holdings in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after buying an additional 28 shares in the last quarter. BankPlus Trust Department bought a new position in shares of Cummins during the 4th quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins in the fourth quarter valued at $27,000. TCTC Holdings LLC bought a new stake in Cummins in the fourth quarter worth $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Cummins during the fourth quarter valued at $30,000. 83.46% of the stock is owned by institutional investors.

Cummins Trading Down 5.9 %

CMI stock traded down $17.53 during trading on Friday, hitting $277.82. The company had a trading volume of 1,466,012 shares, compared to its average volume of 805,084. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90. The company has a 50 day simple moving average of $345.89 and a 200-day simple moving average of $348.60. The firm has a market capitalization of $38.19 billion, a P/E ratio of 9.86, a PEG ratio of 2.19 and a beta of 1.01. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company's quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the company posted $4.14 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date was Friday, February 21st. Cummins's payout ratio is 25.84%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. UBS Group reduced their target price on shares of Cummins from $432.00 to $400.00 and set a "buy" rating on the stock in a report on Tuesday, March 18th. Barclays boosted their price objective on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. lowered their price objective on Cummins from $420.00 to $375.00 and set a "neutral" rating for the company in a research note on Tuesday, March 18th. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and boosted their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Finally, Citigroup lowered their price target on Cummins from $430.00 to $360.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $383.67.

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.