New York State Teachers Retirement System Sells 7,017 Shares of Cummins Inc. $CMI

Key Points

• The New York State Teachers Retirement System has sold 7,017 shares of Cummins Inc., reducing its stake in the company by 6.0%, leaving it with approximately 0.08% ownership valued at about $35.9 million.
• Cummins recently reported stronger-than-expected earnings, with $6.43 EPS for the quarter, exceeding analyst estimates and marking a slight revenue decline of 1.7% year-on-year.
• The company declared a quarterly dividend of $2.00 per share, reflecting an annualized dividend of $8.00 and a yield of 1.9% for shareholders.

New York State Teachers Retirement System decreased its position in Cummins Inc. (NYSE:CMI - Free Report) by 6.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,606 shares of the company's stock after selling 7,017 shares during the period. New York State Teachers Retirement System owned approximately 0.08% of Cummins worth $35,896,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after acquiring an additional 321,823 shares during the period. Northern Trust Corp lifted its stake in Cummins by 1.2% during the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company's stock valued at $597,170,000 after acquiring an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Cummins by 0.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company's stock valued at $512,343,000 after acquiring an additional 8,487 shares during the period. Raymond James Financial Inc. lifted its stake in Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock valued at $424,414,000 after acquiring an additional 817,384 shares during the period. Finally, Invesco Ltd. lifted its stake in Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company's stock valued at $381,129,000 after acquiring an additional 126,362 shares during the period. Institutional investors own 83.46% of the company's stock.

Cummins Price Performance

NYSE CMI opened at $422.34 on Friday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $440.51. The stock has a market cap of $58.19 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 2.04 and a beta of 1.04. The company's 50 day moving average is $410.61 and its two-hundred day moving average is $352.08. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion for the quarter, compared to analysts' expectations of $8.45 billion. During the same quarter last year, the business earned $5.26 EPS. The firm's revenue was down 1.7% compared to the same quarter last year. As a group, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. Cummins's dividend payout ratio (DPR) is presently 37.61%.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares of the company's stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock worth $17,674,285 in the last 90 days. Insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Melius Research upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a research note on Wednesday, September 3rd. Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Citigroup raised their price objective on shares of Cummins from $425.00 to $485.00 and gave the stock a "buy" rating in a report on Tuesday, September 23rd. Finally, Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $407.43.

Cummins 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.

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