New York Life Investment Management LLC Trims Stake in Cummins Inc. (NYSE:CMI)

New York Life Investment Management LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,607 shares of the company’s stock after selling 468 shares during the period. New York Life Investment Management LLC’s holdings in Cummins were worth $4,937,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of CMI. Vanguard Group Inc. raised its stake in Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after acquiring an additional 2,055,239 shares during the last quarter. Morgan Stanley grew its position in Cummins by 2.7% in the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after buying an additional 50,476 shares during the last quarter. Northern Trust Corp raised its position in Cummins by 4.0% during the 3rd quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock worth $414,821,000 after buying an additional 69,830 shares during the last quarter. Stifel Financial Corp boosted its holdings in shares of Cummins by 0.9% in the third quarter. Stifel Financial Corp now owns 1,599,531 shares of the company’s stock valued at $365,430,000 after acquiring an additional 13,634 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Cummins by 28.2% in the 3rd quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock valued at $244,710,000 after buying an additional 235,372 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Jennifer Rumsey sold 739 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at approximately $720,123.18. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the sale, the chief executive officer now owns 2,698 shares in the company, valued at $720,123.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now owns 16,899 shares in the company, valued at $4,584,529.71. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock worth $13,576,838 over the last quarter. 0.56% of the stock is owned by corporate insiders.

Cummins Stock Up 0.2 %

Shares of CMI opened at $280.74 on Friday. The firm has a market cap of $38.39 billion, a PE ratio of 20.55, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. The company has a quick ratio of 0.74, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The company’s fifty day moving average is $285.06 and its two-hundred day moving average is $252.19. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the company earned $4.52 earnings per share. The business’s revenue was up 9.9% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 18.34 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a yield of 2.39%. Cummins’s dividend payout ratio is currently 49.19%.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent analyst reports. Robert W. Baird reduced their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a report on Friday. Evercore ISI lifted their price objective on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. The Goldman Sachs Group raised their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Truist Financial raised their price objective on shares of Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $282.55.

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.