New York State Common Retirement Fund Trims Stock Holdings in Cummins Inc. (NYSE:CMI)

New York State Common Retirement Fund cut its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 5.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 88,547 shares of the company's stock after selling 4,900 shares during the period. New York State Common Retirement Fund owned 0.06% of Cummins worth $30,867,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMI. PFG Investments LLC lifted its stake in Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company's stock worth $725,000 after purchasing an additional 485 shares in the last quarter. Mariner Investment Group LLC purchased a new stake in shares of Cummins in the fourth quarter worth $1,046,000. Alpha DNA Investment Management LLC bought a new stake in Cummins during the third quarter valued at $748,000. Franklin Resources Inc. grew its position in Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock worth $79,017,000 after buying an additional 99,464 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in Cummins by 21.2% in the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company's stock worth $127,898,000 after acquiring an additional 68,627 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Down 4.6 %

Shares of NYSE:CMI traded down $17.60 during trading on Friday, reaching $366.79. 802,298 shares of the company traded hands, compared to its average volume of 826,870. 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 52-week low of $259.06 and a 52-week high of $387.90. The business's fifty day moving average is $361.52 and its 200-day moving average is $341.12. The firm has a market capitalization of $50.43 billion, a price-to-earnings ratio of 13.02, a P/E/G ratio of 2.20 and a beta of 1.00.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm earned $4.14 EPS. As a group, analysts forecast that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently commented on the company. JPMorgan Chase & Co. raised Cummins from an "underweight" rating to a "neutral" rating and boosted their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. StockNews.com cut shares of Cummins from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 6th. Citigroup lowered their price objective on shares of Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a research report on Tuesday, January 14th. Jefferies Financial Group upped their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Finally, Robert W. Baird raised their price target on Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research report on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Cummins presently has an average rating of "Hold" and an average target price of $386.67.

About Cummins

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.