VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Cummins Inc. (NYSE:CMI – Free Report) during the second quarter, Holdings Channel.com reports. The fund acquired 2,160 shares of the company’s stock, valued at approximately $1,541,000.
A number of other institutional investors have also made changes to their positions in CMI. California State Teachers Retirement System boosted its stake in shares of Cummins by 71,801.8% in the second quarter. California State Teachers Retirement System now owns 148,240,699 shares of the company’s stock valued at $105,726,749,000 after purchasing an additional 148,034,528 shares during the period. Ameritas Advisory Services LLC increased its stake in Cummins by 19.4% during the 2nd quarter. Ameritas Advisory Services LLC now owns 4,573 shares of the company’s stock worth $3,262,000 after buying an additional 742 shares during the period. Guardian Wealth Advisors LLC NC acquired a new position in Cummins in the 2nd quarter worth $218,000. Wedmont Private Capital boosted its position in Cummins by 4.4% in the 2nd quarter. Wedmont Private Capital now owns 1,772 shares of the company’s stock valued at $1,198,000 after buying an additional 74 shares during the last quarter. Finally, Insight Inv LLC acquired a new stake in shares of Cummins during the second quarter valued at about $250,000. 83.46% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.
Cummins Stock Up 1.2%
Cummins (NYSE:CMI – Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the previous year, the business posted $6.43 EPS. Cummins’s revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.
Cummins Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.6%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date was Friday, August 21st. Cummins’s dividend payout ratio (DPR) is 44.97%.
Analyst Ratings Changes
A number of research analysts recently commented on the company. Truist Financial set a $894.00 price target on Cummins in a report on Wednesday, August 5th. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. Citigroup increased their target price on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Wells Fargo & Company lifted their price target on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $764.54.
Read Our Latest Research Report on Cummins
About Cummins
Cummins Inc is a global power and energy technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines, powertrains and related technologies for commercial vehicles, industrial equipment, mining, construction, agriculture, marine and other applications.
Cummins’ products and services include diesel and natural-gas engines, hybrid powertrains, fuel systems, filtration and emission-control technologies, turbochargers, generators and power-generation systems.
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