Cummins Inc. (NYSE:CMI) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System trimmed its stake in Cummins Inc. (NYSE:CMI) by 1.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,600 shares of the company’s stock after selling 100 shares during the period. Louisiana State Employees Retirement System’s holdings in Cummins were worth $1,200,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Virtu Financial LLC bought a new position in Cummins in the 1st quarter worth approximately $1,004,000. CHURCHILL MANAGEMENT Corp bought a new stake in shares of Cummins during the first quarter valued at approximately $2,014,000. CAPROCK Group Inc. bought a new stake in shares of Cummins during the first quarter valued at approximately $623,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of Cummins during the first quarter valued at approximately $728,000. Finally, Atwater Malick LLC boosted its stake in Cummins by 6.0% in the 1st quarter. Atwater Malick LLC now owns 24,290 shares of the company’s stock valued at $3,835,000 after buying an additional 1,382 shares in the last quarter. 83.03% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Alexis M. Herman sold 423 shares of the firm’s stock in a transaction that occurred on Tuesday, February 12th. The stock was sold at an average price of $150.12, for a total value of $63,500.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Srikanth Padmanabhan sold 1,687 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $160.00, for a total value of $269,920.00. The disclosure for this sale can be found here. Corporate insiders own 0.95% of the company’s stock.

Several brokerages recently commented on CMI. Oppenheimer reaffirmed a “market perform” rating and issued a $164.00 price target on shares of Cummins in a research note on Thursday, February 7th. CIBC reissued a “market perform” rating on shares of Cummins in a research note on Thursday, February 7th. Credit Suisse Group reissued a “buy” rating and issued a $168.00 price objective on shares of Cummins in a research note on Tuesday, January 22nd. UBS Group boosted their price objective on Cummins from $130.00 to $135.00 and gave the stock a “sell” rating in a research note on Wednesday, May 1st. Finally, Mizuho set a $155.00 target price on Cummins and gave the stock a “hold” rating in a research report on Saturday, February 9th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $166.16.

Shares of Cummins stock traded up $0.05 during trading hours on Friday, hitting $165.39. The company’s stock had a trading volume of 928,894 shares, compared to its average volume of 1,129,432. Cummins Inc. has a 12 month low of $124.40 and a 12 month high of $169.45. The company has a market capitalization of $26.05 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 1.22 and a beta of 1.10. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.57 and a quick ratio of 0.96.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $4.20 earnings per share for the quarter, topping the consensus estimate of $3.51 by $0.69. The company had revenue of $6 billion during the quarter, compared to analysts’ expectations of $5.80 billion. Cummins had a return on equity of 30.72% and a net margin of 10.24%. Cummins’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.30 earnings per share. On average, equities analysts anticipate that Cummins Inc. will post 16.19 EPS for the current fiscal year.

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About Cummins

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.

Further Reading: Debt-To-Equity Ratio

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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