Louisiana State Employees Retirement System Invests $2.06 Million in Cummins Inc. (NYSE:CMI)

Louisiana State Employees Retirement System purchased a new position in Cummins Inc. (NYSE:CMI) during the 4th quarter, HoldingsChannel reports. The fund purchased 8,600 shares of the company’s stock, valued at approximately $2,060,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Balentine LLC lifted its stake in shares of Cummins by 3.3% in the third quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after buying an additional 127 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC purchased a new position in shares of Cummins in the third quarter worth about $9,048,000. Sequoia Financial Advisors LLC lifted its stake in shares of Cummins by 200.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after buying an additional 3,866 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Cummins by 227.6% in the fourth quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after buying an additional 16,869 shares in the last quarter. Finally, Eldred Rock Partners LLC purchased a new position in shares of Cummins in the fourth quarter worth about $7,195,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In related news, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the transaction, the chief executive officer now owns 2,698 shares in the company, valued at $720,123.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the transaction, the chief executive officer now owns 2,698 shares in the company, valued at $720,123.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,289 shares of company stock worth $13,576,838. Corporate insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $291.36 on Thursday. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The stock has a market cap of $39.85 billion, a PE ratio of 56.25, a P/E/G ratio of 2.02 and a beta of 1.04. The firm has a 50-day simple moving average of $278.71 and a two-hundred day simple moving average of $247.63. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the firm posted $4.52 EPS. As a group, analysts forecast that Cummins Inc. will post 18.29 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is currently 129.73%.

Analyst Ratings Changes

A number of equities analysts have commented on CMI shares. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Evercore ISI lifted their target price on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Finally, The Goldman Sachs Group lifted their target price on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and an average price target of $279.70.

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.