New York State Common Retirement Fund Sells 4,900 Shares of Cummins Inc. (NYSE:CMI)

New York State Common Retirement Fund lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 5.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 88,547 shares of the company’s stock after selling 4,900 shares during the period. New York State Common Retirement Fund’s holdings in Cummins were worth $30,867,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Global Trust Asset Management LLC grew its stake in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. KG&L Capital Management LLC grew its stake in shares of Cummins by 0.8% in the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock worth $1,296,000 after purchasing an additional 28 shares during the last quarter. Massachusetts Wealth Management grew its stake in shares of Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after purchasing an additional 30 shares during the last quarter. Avestar Capital LLC grew its stake in shares of Cummins by 3.2% in the fourth quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after purchasing an additional 31 shares during the last quarter. Finally, Equitable Trust Co. grew its stake in shares of Cummins by 3.6% in the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after purchasing an additional 32 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $384.73 on Friday. The firm’s 50-day moving average price is $361.52 and its 200-day moving average price is $341.12. Cummins Inc. has a 1-year low of $259.06 and a 1-year high of $387.90. The firm has a market capitalization of $52.89 billion, a P/E ratio of 13.66, a P/E/G ratio of 2.16 and a beta of 1.00. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the prior year, the business earned $4.14 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 1.89%. Cummins’s dividend payout ratio is currently 25.84%.

Analyst Ratings Changes

CMI has been the topic of several analyst reports. StockNews.com cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Robert W. Baird boosted their price objective on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Barclays boosted their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, Citigroup dropped their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus price target of $386.67.

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.