New York State Common Retirement Fund Sells 12,404 Shares of Cummins Inc. (NYSE:CMI)

New York State Common Retirement Fund cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 143,642 shares of the company’s stock after selling 12,404 shares during the period. New York State Common Retirement Fund owned about 0.10% of Cummins worth $34,412,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Foster & Motley Inc. lifted its stake in Cummins by 2.3% during the fourth quarter. Foster & Motley Inc. now owns 28,878 shares of the company’s stock worth $6,918,000 after purchasing an additional 656 shares during the last quarter. RWA Wealth Partners LLC bought a new stake in Cummins during the fourth quarter worth $578,000. Mengis Capital Management Inc. lifted its stake in Cummins by 6.0% during the fourth quarter. Mengis Capital Management Inc. now owns 5,327 shares of the company’s stock worth $1,276,000 after purchasing an additional 300 shares during the last quarter. Stock Yards Bank & Trust Co. lifted its stake in shares of Cummins by 20.6% in the 4th quarter. Stock Yards Bank & Trust Co. now owns 5,636 shares of the company’s stock valued at $1,350,000 after acquiring an additional 961 shares during the last quarter. Finally, Duality Advisers LP bought a new position in shares of Cummins in the 4th quarter valued at $1,522,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Shares of Cummins stock opened at $291.40 on Friday. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The business has a 50-day moving average price of $282.84 and a two-hundred day moving average price of $250.18. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The company has a market cap of $39.85 billion, a P/E ratio of 56.25, a PEG ratio of 1.99 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the previous year, the business posted $4.52 earnings per share. The business’s revenue was up 9.9% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 18.34 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.31%. Cummins’s payout ratio is currently 129.73%.

Analysts Set New Price Targets

CMI has been the subject of a number of research reports. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Truist Financial initiated coverage on Cummins in a research note on Thursday, March 14th. They issued a “hold” rating and a $303.00 price target for the company. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $243.00 to $225.00 in a report on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $279.70.

Insiders Place Their Bets

In other Cummins news, Director Daniel William Fisher purchased 562 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was purchased at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the acquisition, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Daniel William Fisher bought 562 shares of Cummins stock in a transaction dated Tuesday, February 27th. The stock was bought at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the purchase, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,289 shares of company stock worth $13,576,838. Company insiders own 0.56% of the company’s stock.

About Cummins

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.