Teachers Retirement System of The State of Kentucky Sells 633 Shares of Cummins Inc. (NYSE:CMI)

Teachers Retirement System of The State of Kentucky cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.6% in the 3rd quarter, Holdings Channel reports. The firm owned 102,771 shares of the company’s stock after selling 633 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Cummins were worth $33,277,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Chiron Investment Management LLC bought a new position in Cummins in the 3rd quarter valued at approximately $195,000. Neo Ivy Capital Management acquired a new stake in shares of Cummins in the third quarter valued at about $3,916,000. Coldstream Capital Management Inc. boosted its stake in shares of Cummins by 18.1% in the 3rd quarter. Coldstream Capital Management Inc. now owns 2,551 shares of the company’s stock valued at $843,000 after purchasing an additional 391 shares during the last quarter. RB Capital Management LLC acquired a new position in Cummins in the third quarter valued at $212,000. Finally, FRG Family Wealth Advisors LLC acquired a new stake in Cummins during the third quarter worth approximately $212,000. Institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 162 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 6,489 shares of company stock worth $2,357,531 in the last ninety days. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Robert W. Baird upped their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. Finally, Citigroup lifted their target price on Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $352.85.

Cummins Trading Down 1.4 %

Shares of Cummins stock opened at $377.87 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The stock has a market capitalization of $51.84 billion, a P/E ratio of 24.96, a P/E/G ratio of 1.84 and a beta of 0.99. Cummins Inc. has a 52-week low of $226.52 and a 52-week high of $387.90. The stock’s 50-day simple moving average is $349.67 and its 200 day simple moving average is $311.38.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the firm posted $4.73 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, research analysts anticipate that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio is 48.08%.

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.