Cummins Inc. $CMI Shares Bought by New York State Teachers Retirement System

New York State Teachers Retirement System lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 112,798 shares of the company’s stock after acquiring an additional 887 shares during the period. New York State Teachers Retirement System’s holdings in Cummins were worth $57,578,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Thompson Investment Management Inc. bought a new stake in Cummins during the 4th quarter valued at $26,000. Activest Wealth Management grew its stake in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares in the last quarter. Flagship Wealth Advisors LLC bought a new position in shares of Cummins in the third quarter worth $28,000. Ares Financial Consulting LLC acquired a new position in shares of Cummins during the fourth quarter valued at $29,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Cummins during the second quarter valued at about $31,000. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the stock a “market perform” rating in a report on Friday, February 6th. Truist Financial raised their target price on shares of Cummins from $703.00 to $730.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research note on Friday, April 10th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $600.27.

Cummins Stock Up 5.3%

Shares of Cummins stock opened at $672.51 on Friday. Cummins Inc. has a 12-month low of $290.73 and a 12-month high of $674.75. The firm has a market capitalization of $92.91 billion, a PE ratio of 32.77, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The stock’s fifty day moving average is $581.03 and its 200-day moving average is $536.06.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.Cummins’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the company posted $5.16 EPS. Equities analysts anticipate that Cummins Inc. will post 26.03 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Insiders Place Their Bets

In related news, VP Donald G. Jackson sold 1,600 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This trade represents a 18.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of Cummins stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the transaction, the vice president owned 15,807 shares in the company, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,195 shares of company stock valued at $18,397,489 over the last 90 days. 0.30% of the stock is owned by corporate insiders.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.