New York State Teachers Retirement System Sells 1,969 Shares of Cummins Inc. (NYSE:CMI)

New York State Teachers Retirement System lessened its holdings in Cummins Inc. (NYSE:CMI) by 1.7% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 110,767 shares of the company’s stock after selling 1,969 shares during the period. New York State Teachers Retirement System owned about 0.08% of Cummins worth $38,613,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. PFG Investments LLC lifted its stake in shares of Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after purchasing an additional 485 shares during the period. Mariner Investment Group LLC bought a new stake in Cummins during the 4th quarter worth approximately $1,046,000. Alpha DNA Investment Management LLC bought a new stake in Cummins during the 3rd quarter worth approximately $748,000. Franklin Resources Inc. raised its stake in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after acquiring an additional 99,464 shares during the period. Finally, Dupree Financial Group LLC bought a new stake in Cummins during the 3rd quarter worth approximately $3,925,000. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.2 %

CMI stock opened at $373.71 on Friday. The firm has a fifty day moving average price of $361.20 and a 200 day moving average price of $338.14. Cummins Inc. has a fifty-two week low of $259.06 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.79 and a current ratio of 1.31. The firm has a market cap of $51.38 billion, a PE ratio of 13.27, a price-to-earnings-growth ratio of 2.10 and a beta of 1.00.

Cummins (NYSE:CMI) last posted its earnings results 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. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the firm posted $4.14 earnings per share. Cummins’s revenue for the quarter was down 1.1% compared to the same quarter last year. Sell-side analysts anticipate that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CMI shares. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research note on Wednesday, November 6th. Jefferies Financial Group raised their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Citigroup cut their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $383.08.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.56% of the stock is currently owned by insiders.

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.