Maryland State Retirement & Pension System Sells 511 Shares of Cummins Inc. (NYSE:CMI)

Maryland State Retirement & Pension System trimmed its position in Cummins Inc. (NYSE:CMI) by 6.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 7,295 shares of the company’s stock after selling 511 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Cummins were worth $2,543,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CMI. AMG National Trust Bank purchased a new stake in shares of Cummins in the 3rd quarter worth $219,000. Avior Wealth Management LLC lifted its holdings in shares of Cummins by 44.9% in the 3rd quarter. Avior Wealth Management LLC now owns 342 shares of the company’s stock worth $111,000 after buying an additional 106 shares during the period. Prospera Private Wealth LLC purchased a new stake in shares of Cummins in the 3rd quarter worth $32,000. Advisors Asset Management Inc. lifted its holdings in shares of Cummins by 23.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 27,346 shares of the company’s stock worth $8,854,000 after buying an additional 5,206 shares during the period. Finally, Cornerstone Advisors LLC lifted its holdings in shares of Cummins by 117.2% in the 3rd quarter. Cornerstone Advisors LLC now owns 6,300 shares of the company’s stock worth $2,040,000 after buying an additional 3,400 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Down 0.5 %

Shares of NYSE:CMI opened at $325.38 on Friday. The business’s 50-day moving average is $356.66 and its 200 day moving average is $347.05. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The firm has a market capitalization of $44.73 billion, a P/E ratio of 11.55, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the company earned $4.14 earnings per share. On average, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

Wall Street Analyst Weigh In

CMI has been the subject of a number of analyst reports. Jefferies Financial Group upped their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Robert W. Baird upped their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. decreased their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research note on Tuesday. Citigroup decreased their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $389.50.

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.