Kentucky Retirement Systems Insurance Trust Fund Boosts Position in Cummins Inc. (NYSE:CMI)

Kentucky Retirement Systems Insurance Trust Fund boosted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 52.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,171 shares of the company's stock after purchasing an additional 2,113 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in Cummins were worth $2,151,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. PFG Investments LLC grew its position in Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company's stock valued at $725,000 after purchasing an additional 485 shares during the period. Mariner Investment Group LLC acquired a new stake in Cummins in the 4th quarter valued at $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 position 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 purchasing an additional 99,464 shares during the period. Finally, Bank of Montreal Can grew its position in Cummins by 21.2% in the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company's stock valued at $127,898,000 after purchasing an additional 68,627 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on CMI shares. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and raised their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Jefferies Financial Group raised their price objective on Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Evercore ISI raised their price objective on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research note on Wednesday. Robert W. Baird raised their price objective on Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research note on Wednesday, February 5th. Finally, StockNews.com cut Cummins from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 6th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $386.67.

Cummins Stock Performance

Cummins stock traded down $17.60 during midday trading on Friday, reaching $366.79. The stock had a trading volume of 802,298 shares, compared to its average volume of 826,870. Cummins Inc. has a 12 month low of $259.06 and a 12 month high of $387.90. The firm's 50-day moving average price is $361.52 and its 200 day moving average price is $341.12. The firm has a market capitalization of $50.43 billion, a PE ratio of 13.02, a P/E/G ratio of 2.20 and a beta of 1.00. 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 announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. During the same period in the previous year, the business posted $4.14 EPS. The firm's quarterly revenue was down 1.1% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

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

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.