Cummins Inc. (NYSE:CMI) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC cut its stake in shares of Cummins Inc. (NYSE:CMI) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,537 shares of the company’s stock after selling 178 shares during the period. New York Life Investment Management LLC’s holdings in Cummins were worth $6,462,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CMI. Pallas Capital Advisors LLC acquired a new stake in shares of Cummins during the third quarter valued at about $292,000. Catalyst Financial Partners LLC acquired a new stake in shares of Cummins during the third quarter valued at about $217,000. US Bancorp DE grew its holdings in shares of Cummins by 2.0% in the third quarter. US Bancorp DE now owns 75,919 shares of the company’s stock valued at $24,582,000 after purchasing an additional 1,496 shares in the last quarter. Stephens Inc. AR grew its holdings in shares of Cummins by 12.9% in the third quarter. Stephens Inc. AR now owns 1,250 shares of the company’s stock valued at $405,000 after purchasing an additional 143 shares in the last quarter. Finally, Shepherd Financial Partners LLC grew its holdings in shares of Cummins by 2.3% in the third quarter. Shepherd Financial Partners LLC now owns 1,819 shares of the company’s stock valued at $589,000 after purchasing an additional 41 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CMI has been the subject of a number of research reports. StockNews.com cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $355.00 to $420.00 in a report on Monday, December 9th. Citigroup dropped their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Barclays lifted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $386.67.

Cummins Stock Up 1.0 %

Shares of NYSE:CMI opened at $367.90 on Friday. The company has a market capitalization of $50.58 billion, a PE ratio of 13.06, a P/E/G ratio of 2.19 and a beta of 1.00. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a twelve month low of $260.88 and a twelve month high of $387.90. The firm has a 50 day simple moving average of $362.32 and a 200-day simple moving average of $344.17.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.14 EPS. On average, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.98%. Cummins’s payout ratio is 25.84%.

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.