Louisiana State Employees Retirement System Trims Stake in Cummins Inc. (NYSE:CMI)

Louisiana State Employees Retirement System lowered its position in shares of Cummins Inc. (NYSE:CMI) by 3.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,300 shares of the company’s stock after selling 300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Cummins were worth $1,249,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMI. Windsor Group LTD bought a new position in shares of Cummins during the 2nd quarter worth about $476,000. SevenBridge Financial Group LLC boosted its position in shares of Cummins by 8.9% during the 2nd quarter. SevenBridge Financial Group LLC now owns 1,803 shares of the company’s stock worth $309,000 after purchasing an additional 147 shares in the last quarter. E&G Advisors LP boosted its position in shares of Cummins by 7.7% during the 2nd quarter. E&G Advisors LP now owns 1,400 shares of the company’s stock worth $240,000 after purchasing an additional 100 shares in the last quarter. Clark Capital Management Group Inc. boosted its position in shares of Cummins by 2.8% during the 2nd quarter. Clark Capital Management Group Inc. now owns 187,443 shares of the company’s stock worth $32,116,000 after purchasing an additional 5,164 shares in the last quarter. Finally, CENTRAL TRUST Co boosted its position in shares of Cummins by 12.5% during the 2nd quarter. CENTRAL TRUST Co now owns 6,240 shares of the company’s stock worth $1,054,000 after purchasing an additional 695 shares in the last quarter. 81.51% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have recently issued reports on CMI shares. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research report on Friday, May 3rd. Evercore ISI reissued an “in-line” rating and set a $169.00 price objective (up previously from $163.00) on shares of Cummins in a research report on Friday, May 31st. ValuEngine cut shares of Cummins from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Credit Suisse Group increased their price objective on shares of Cummins from $198.00 to $203.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Finally, Wells Fargo & Co cut their price objective on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating on the stock in a research report on Monday, June 3rd. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $166.67.

Shares of CMI stock opened at $146.03 on Friday. The company has a 50 day moving average of $165.23 and a 200-day moving average of $161.07. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.18. Cummins Inc. has a 12-month low of $124.40 and a 12-month high of $175.91. The firm has a market cap of $23.84 billion, a P/E ratio of 11.04, a PEG ratio of 1.19 and a beta of 1.14.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $4.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $4.38 by ($0.11). Cummins had a return on equity of 29.75% and a net margin of 10.74%. The company had revenue of $6.22 billion for the quarter, compared to analysts’ expectations of $6.36 billion. During the same quarter in the previous year, the business earned $4.14 EPS. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 15.84 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st will be paid a dividend of $1.311 per share. The ex-dividend date is Tuesday, August 20th. This represents a $5.24 annualized dividend and a dividend yield of 3.59%. This is a positive change from Cummins’s previous quarterly dividend of $1.14. Cummins’s dividend payout ratio (DPR) is presently 34.47%.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

See Also: Example of operating income, EBIT and EBITDA

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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