Maryland State Retirement & Pension System Increases Stock Position in Cummins Inc. (NYSE:CMI)

Posted by Defense World Staff on Mar 26th, 2023

Maryland State Retirement & Pension System grew its holdings in Cummins Inc. (NYSE:CMI – Get Rating) by 2.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,083 shares of the company’s stock after purchasing an additional 233 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Cummins were worth $2,685,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Cummins by 1.7% in the third quarter. Vanguard Group Inc. now owns 13,203,832 shares of the company’s stock valued at $2,687,113,000 after purchasing an additional 226,774 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Cummins by 39.5% in the third quarter. Price T Rowe Associates Inc. MD now owns 5,240,383 shares of the company’s stock worth $1,067,213,000 after acquiring an additional 1,484,171 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock worth $486,142,000 after acquiring an additional 173,139 shares during the last quarter. LSV Asset Management lifted its stake in Cummins by 0.3% in the third quarter. LSV Asset Management now owns 2,082,812 shares of the company’s stock worth $423,873,000 after acquiring an additional 6,089 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in Cummins by 48.8% in the third quarter. First Trust Advisors LP now owns 2,033,702 shares of the company’s stock worth $413,878,000 after acquiring an additional 666,567 shares during the last quarter. Hedge funds and other institutional investors own 80.94% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent research reports. StockNews.com initiated coverage on shares of Cummins in a research note on Thursday, March 16th. They issued a “buy” rating for the company. UBS Group raised their price objective on shares of Cummins from $247.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 16th. Credit Suisse Group raised their price objective on shares of Cummins from $287.00 to $291.00 and gave the stock an “outperform” rating in a report on Tuesday, February 7th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Cummins from $235.00 to $231.00 and set a “hold” rating on the stock in a report on Tuesday, February 7th. Finally, Morgan Stanley cut their price objective on shares of Cummins from $264.00 to $262.00 and set an “equal weight” rating on the stock in a report on Friday, January 20th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average target price of $254.75.

Insider Buying and Selling at Cummins

In other Cummins news, Director Georgia R. Nelson sold 1,933 shares of the business’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $251.64, for a total value of $486,420.12. Following the transaction, the director now directly owns 21,742 shares of the company’s stock, valued at approximately $5,471,156.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Cummins news, VP Sharon R. Barner sold 5,540 shares of the business’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $252.34, for a total transaction of $1,397,963.60. Following the sale, the vice president now directly owns 16,144 shares in the company, valued at approximately $4,073,776.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Georgia R. Nelson sold 1,933 shares of the business’s stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $251.64, for a total transaction of $486,420.12. Following the sale, the director now owns 21,742 shares in the company, valued at $5,471,156.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,709 shares of company stock valued at $4,245,545. 1.00% of the stock is owned by company insiders.

Cummins Stock Performance

Shares of Cummins stock opened at $223.90 on Friday. The firm’s fifty day simple moving average is $245.57 and its 200-day simple moving average is $237.72. The stock has a market capitalization of $31.65 billion, a price-to-earnings ratio of 14.82, a PEG ratio of 1.33 and a beta of 1.01. Cummins Inc. has a 12 month low of $184.27 and a 12 month high of $261.91. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.27 and a quick ratio of 0.77.

Cummins (NYSE:CMI – Get Rating) last announced its earnings results on Monday, February 6th. The company reported $4.52 EPS for the quarter, meeting analysts’ consensus estimates of $4.52. The business had revenue of $7.77 billion for the quarter, compared to analysts’ expectations of $7.21 billion. Cummins had a net margin of 7.66% and a return on equity of 24.58%. The company’s quarterly revenue was up 32.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.85 EPS. As a group, equities analysts forecast that Cummins Inc. will post 18.95 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 9th. Shareholders of record on Friday, February 24th were paid a $1.57 dividend. The ex-dividend date was Thursday, February 23rd. This represents a $6.28 annualized dividend and a yield of 2.80%. Cummins’s dividend payout ratio is currently 41.56%.

Cummins Profile

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Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.