canada africa partner reservation Cummins Inc. (NYSE:CMI) shares sold by Alabama-based Retirement Systems

Cummins Inc. (NYSE:CMI) shares sold by Alabama-based Retirement Systems

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Retirement Systems of Alabama has sold its interest in Cummins Inc. (NYSE:CMI – Free Report) fell 2.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 31,239 shares of the company, after selling 790 shares during the period. Retirement Systems of Alabama’s holdings in Cummins were worth $7,484,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also changed their holdings in the company. Intellectus Partners LLC increased its holdings in shares of Cummins by 3.9% during the fourth quarter. Intellectus Partners LLC now owns 2,913 shares of the company’s stock worth $698,000 after acquiring an additional 110 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Cummins shares by 43.7% during the fourth quarter. Russell Investments Group Ltd. now owns 173,267 shares of the company’s stock worth $41,516,000 after purchasing an additional 52,720 shares in the last quarter. Dohj LLC increased its holdings in shares of Cummins by 14.4% during the fourth quarter. Dohj LLC now owns 1,358 shares of the company’s stock valued at $325,000 after purchasing an additional 171 shares in the last quarter. Syon Capital LLC grew its holdings in Cummins by 41.4% in the fourth quarter. Syon Capital LLC now owns 3,299 shares of the company’s stock worth $790,000 after purchasing an additional 966 shares in the last quarter. Finally, Two Point acquired Capital Management Inc. a new position in Cummins in the fourth quarter worth approximately $7,689,000. Institutional investors and hedge funds own 83.46% of the company’s shares.

Insiders place their bets

In other news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15. The shares sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The transaction was disclosed in a filing with the SEC, which is available on the SEC website. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The explanation of this sale can be found here. Insiders sold a total of 51,289 shares of the company’s stock worth $13,576,838 during the last quarter. Company insiders own 0.56% of the company’s shares.

Changes in analyst ratings

CMI has been the subject of several recent research reports. Evercore ISI raised their target price on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20. Morgan Stanley initiated coverage on shares of Cummins in a report on Monday, January 8th. They gave the company an overweight rating and a $278.00 price target. Robert W. Baird lowered his price target for Cummins from $298.00 to $295.00 and gave the stock a “neutral” rating in a report on Friday. TheStreet downgraded Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6. Finally, StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus price target of $282.55.

Read our latest stock analysis on CMI

Cummins Price Performance

CMI shares opened at $280.74 on Friday. The company has a market cap of $38.39 billion, a price-to-earnings ratio of 20.55, a price-to-earnings ratio of 1.90 and a beta of 1.04. The company has a current ratio of 1.34, a quick ratio of 0.74 and a debt-to-equity ratio of 0.57. Cummins Inc. has a 12-month low of $203.18 and a 12-month high of $304.24. The stock has a 50-day moving average of $285.39 and a two-hundred-day moving average of $252.55.

Cummins (NYSE:CMI – Get Free Report) posted its latest earnings results on Tuesday, February 6. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. The company’s quarterly revenue increased 9.9% compared to the same quarter last year. During the same period last year, the company earned earnings per share of $4.52. As a group, stock analysts expect Cummins Inc. will post an earnings per share of 18.34 for the current year.

Cummins announces dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7. Investors of record received a $1.68 dividend on Friday, February 23. This represents a dividend of $6.72 annually and a yield of 2.39%. The ex-dividend date was Thursday, February 22. Cummins’ dividend payout ratio (DPR) currently stands at 49.19%.

Cummins profile

(Free report)

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines, electric and hybrid powertrains and related components worldwide. It operates in five segments: Engine, Distribution, Components, Power Systems and Accelera. The company offers diesel and natural gas-powered engines under the Cummins brand and other customers for heavy- and medium-duty truck, bus, recreational vehicle, light-duty vehicle, construction, mining, marine, railroad, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.

Featured Stories

Would you like to see which other hedge funds own CMI? Visit HoldingsChannel.com for the latest 13F filings and insider transactions for Cummins Inc. (NYSE:CMI – Free Report).

Quarterly Institutional Ownership for Cummins (NYSE:CMI)



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