New York State Teachers Retirement System Decreases Stake in Cummins Inc. (NYSE:CMI)

New York State Teachers Retirement System lowered its position in shares of Cummins Inc. (NYSE:CMI) by 4.5% in the third quarter, Holdings Channel reports. The firm owned 112,736 shares of the company’s stock after selling 5,345 shares during the period. New York State Teachers Retirement System’s holdings in Cummins were worth $36,503,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Cultivar Capital Inc. purchased a new position in shares of Cummins in the second quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins during the 2nd quarter valued at $28,000. Lynx Investment Advisory acquired a new stake in Cummins during the 2nd quarter valued at $29,000. LRI Investments LLC acquired a new stake in Cummins during the 1st quarter valued at $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in Cummins during the 3rd quarter valued at $34,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on CMI. Robert W. Baird raised their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Citigroup raised their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Barclays raised their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Finally, Evercore ISI lifted their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $311.55.

Cummins Trading Down 0.8 %

NYSE CMI opened at $329.12 on Friday. The firm has a market capitalization of $45.11 billion, a PE ratio of 23.73, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The company has a 50-day simple moving average of $318.55 and a 200-day simple moving average of $296.87. Cummins Inc. has a one year low of $212.80 and a one year high of $340.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the firm posted $5.18 EPS. On average, equities analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.21%. Cummins’s dividend payout ratio is presently 52.49%.

Cummins Company Profile

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.