New York State Teachers Retirement System Cuts Stock Position in Cummins Inc. $CMI

New York State Teachers Retirement System cut its holdings in Cummins Inc. (NYSE:CMI) by 6.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 109,606 shares of the company’s stock after selling 7,017 shares during the quarter. New York State Teachers Retirement System’s holdings in Cummins were worth $35,896,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after buying an additional 321,823 shares during the period. Northern Trust Corp boosted its stake in Cummins by 1.2% during the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after buying an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Cummins by 0.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after buying an additional 8,487 shares during the period. Raymond James Financial Inc. boosted its stake in Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after buying an additional 817,384 shares during the period. Finally, Invesco Ltd. lifted its position in shares of Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the subject of several research analyst reports. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Barclays lifted their target price on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Robert W. Baird upped their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research note on Friday, July 11th. Finally, Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $407.43.

Insider Activity

In other news, CFO Mark Andrew Smith sold 8,000 shares of the company’s stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. This represents a 20.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is owned by company insiders.

Cummins Stock Performance

Shares of Cummins stock opened at $422.34 on Friday. The company has a market capitalization of $58.19 billion, a PE ratio of 19.86, a P/E/G ratio of 2.04 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a 50-day simple moving average of $410.61 and a two-hundred day simple moving average of $352.08. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.26 earnings per share. Research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins’s dividend payout ratio is 37.61%.

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.