California Public Employees Retirement System Acquires 15,621 Shares of Cummins Inc. $CMI

California Public Employees Retirement System lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 261,522 shares of the company’s stock after buying an additional 15,621 shares during the period. California Public Employees Retirement System owned approximately 0.19% of Cummins worth $110,459,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Flagship Wealth Advisors LLC purchased a new stake in shares of Cummins during the 3rd quarter valued at about $28,000. Osterweis Capital Management Inc. purchased a new position in shares of Cummins during the second quarter valued at approximately $31,000. Guerra Advisors Inc purchased a new position in shares of Cummins during the third quarter valued at approximately $36,000. Salomon & Ludwin LLC lifted its position in Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after purchasing an additional 80 shares during the period. Finally, Tripletail Wealth Management LLC purchased a new stake in Cummins in the third quarter worth approximately $39,000. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other Cummins news, VP Donald G. Jackson sold 1,600 shares of Cummins stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the sale, the vice president directly owned 7,214 shares in the company, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Jennifer Mary Bush sold 4,270 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the sale, the vice president owned 15,130 shares in the company, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 31,195 shares of company stock valued at $18,397,489 in the last quarter. Company insiders own 0.41% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $545.02 on Tuesday. The stock has a 50-day moving average price of $574.35 and a 200 day moving average price of $497.59. The stock has a market capitalization of $75.30 billion, a P/E ratio of 26.56, a P/E/G ratio of 1.70 and a beta of 1.12. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same period in the previous year, the firm earned $5.16 EPS. The firm’s revenue was up 1.1% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s payout ratio is 38.99%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. UBS Group set a $565.00 target price on shares of Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Wolfe Research downgraded Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a research note on Monday, January 26th. Argus set a $696.00 price objective on Cummins in a report on Tuesday, February 10th. Morgan Stanley reiterated an “overweight” rating and set a $675.00 price objective on shares of Cummins in a research report on Friday, February 6th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.