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

New York Life Investment Management LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,537 shares of the company’s stock after selling 178 shares during the quarter. 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 hedge funds and other institutional investors have also recently made changes to their positions in the business. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares in the last quarter. BankPlus Trust Department purchased a new stake in Cummins during the fourth quarter worth $26,000. Compass Financial Services Inc purchased a new stake in Cummins during the fourth quarter worth $27,000. Prospera Private Wealth LLC purchased a new stake in Cummins during the third quarter worth $32,000. Finally, Kestra Investment Management LLC purchased a new stake in Cummins during the fourth quarter worth $43,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CMI. Citigroup lowered their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. StockNews.com downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Jefferies Financial Group increased their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Truist Financial increased their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Finally, The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $386.67.

Cummins Stock Performance

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

Cummins (NYSE:CMI) last posted its quarterly earnings results 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 firm had revenue of $8.45 billion for 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 for the quarter was down 1.1% on a year-over-year basis. During the same period last year, the firm posted $4.14 earnings per share. On average, sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 1.98%. The ex-dividend date is Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

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.