New York State Common Retirement Fund Sells 16,800 Shares of Cummins Inc. (CMI)
New York State Common Retirement Fund lowered its position in Cummins Inc. (NYSE:CMI) by 5.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 310,311 shares of the company’s stock after selling 16,800 shares during the quarter. New York State Common Retirement Fund’s holdings in Cummins were worth $48,989,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in CMI. Riverview Trust Co purchased a new stake in Cummins in the 4th quarter worth about $27,000. Guidant Wealth Advisors purchased a new stake in Cummins in the 1st quarter worth about $29,000. Prime Capital Investment Advisors LLC purchased a new position in Cummins during the 4th quarter valued at about $32,000. SeaBridge Investment Advisors LLC purchased a new position in Cummins during the 1st quarter valued at about $32,000. Finally, Bremer Trust National Association purchased a new position in Cummins during the 4th quarter valued at about $35,000. 82.51% of the stock is owned by institutional investors.
In other news, insider Srikanth Padmanabhan sold 1,687 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $160.00, for a total transaction of $269,920.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.95% of the stock is currently owned by insiders.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $4.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.51 by $0.69. Cummins had a return on equity of 30.72% and a net margin of 10.24%. The company had revenue of $6 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the firm earned $3.30 earnings per share. Cummins’s revenue was up 7.8% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 16.19 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Friday, May 24th will be issued a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Thursday, May 23rd. Cummins’s payout ratio is 34.47%.
A number of research analysts have weighed in on CMI shares. Zacks Investment Research lowered Cummins from a “hold” rating to a “sell” rating in a report on Thursday, January 24th. Robert W. Baird raised Cummins from a “neutral” rating to an “outperform” rating and set a $148.40 target price for the company in a report on Thursday, February 7th. Oppenheimer reaffirmed a “market perform” rating and set a $164.00 target price on shares of Cummins in a report on Thursday, February 7th. CIBC reaffirmed a “market perform” rating on shares of Cummins in a report on Thursday, February 7th. Finally, Mizuho set a $155.00 target price on Cummins and gave the company a “hold” rating in a report on Saturday, February 9th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $165.61.
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Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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