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

New York State Teachers Retirement System increased its position in Cummins Inc. (NYSE:CMI) by 2.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,911 shares of the company’s stock after buying an additional 2,305 shares during the period. New York State Teachers Retirement System owned about 0.08% of Cummins worth $47,268,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after acquiring an additional 344,680 shares during the last quarter. State Street Corp boosted its holdings in shares of Cummins by 1.4% during the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after purchasing an additional 92,073 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Cummins by 1.3% in the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after purchasing an additional 43,720 shares during the period. Fisher Asset Management LLC increased its stake in Cummins by 4.5% in the second quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock valued at $1,072,578,000 after purchasing an additional 142,058 shares during the last quarter. Finally, Norges Bank purchased a new position in Cummins during the second quarter worth about $505,941,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. The trade was a 9.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the transaction, the insider owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 19,330 shares of company stock worth $9,135,364. 0.41% of the stock is currently owned by company insiders.

Cummins Price Performance

Cummins stock opened at $552.52 on Monday. The firm has a fifty day moving average of $498.53 and a 200-day moving average of $429.10. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $554.15. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $76.27 billion, a P/E ratio of 28.67, a PEG ratio of 1.93 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same quarter in the previous year, the business posted $5.86 EPS. The business’s quarterly revenue was down 1.6% on a year-over-year basis. As a group, analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were paid a $2.00 dividend. The ex-dividend date was Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.4%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Analysts Set New Price Targets

Several research firms have commented on CMI. Raymond James Financial upgraded Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price target for the company in a report on Monday, December 22nd. Wells Fargo & Company initiated coverage on shares of Cummins in a report on Thursday, November 13th. They issued an “overweight” rating and a $599.00 target price for the company. Argus increased their price target on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $475.00 price target on shares of Cummins in a report on Friday, November 7th. Finally, JPMorgan Chase & Co. upped their price objective on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus price target of $492.75.

About Cummins

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.