New York State Common Retirement Fund Has $28.27 Million Stock Position in Cummins Inc. (NYSE:CMI)

New York State Common Retirement Fund increased its stake in Cummins Inc. (NYSE:CMI - Free Report) by 1.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,196 shares of the company's stock after purchasing an additional 1,649 shares during the period. New York State Common Retirement Fund owned 0.07% of Cummins worth $28,271,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Meeder Asset Management Inc. increased its holdings in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after purchasing an additional 52 shares in the last quarter. TCTC Holdings LLC purchased a new stake in shares of Cummins during the fourth quarter worth $28,000. Olde Wealth Management LLC acquired a new position in shares of Cummins during the 1st quarter valued at about $30,000. Capital A Wealth Management LLC acquired a new position in shares of Cummins during the 4th quarter valued at about $32,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Cummins during the 1st quarter valued at about $37,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Up 0.8%

Cummins stock traded up $2.61 during midday trading on Thursday, hitting $348.18. 1,130,562 shares of the company were exchanged, compared to its average volume of 866,871. The company's fifty day moving average price is $326.02 and its 200-day moving average price is $330.86. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a market cap of $47.96 billion, a PE ratio of 17.32, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period last year, the company earned $5.08 earnings per share. The firm's revenue for the quarter was down 2.7% on a year-over-year basis. On average, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be paid a $2.00 dividend. This is an increase from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 2.30%. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio is currently 36.22%.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the stock in a transaction dated Friday, May 16th. The shares were acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director owned 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.41% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Robert W. Baird boosted their price target on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Wall Street Zen cut shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Citigroup reaffirmed a "buy" rating and issued a $360.00 target price (up previously from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and upped their target price for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Finally, Truist Financial decreased their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $361.42.

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.