New York Life Investment Management LLC Has $4.94 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

New York Life Investment Management LLC decreased its position in Cummins Inc. (NYSE:CMI) by 2.2% in the 4th quarter, HoldingsChannel reports. 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 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of CMI. DiNuzzo Private Wealth Inc. bought a new position in Cummins in the fourth quarter worth $31,000. Essex Financial Services Inc. raised its stake in shares of Cummins by 1.9% in the 4th quarter. Essex Financial Services Inc. now owns 5,212 shares of the company’s stock valued at $1,249,000 after buying an additional 98 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Cummins by 5.5% during the 4th quarter. Victory Capital Management Inc. now owns 175,311 shares of the company’s stock worth $41,999,000 after acquiring an additional 9,089 shares during the period. Cannell & Co. boosted its position in shares of Cummins by 1.3% during the 4th quarter. Cannell & Co. now owns 5,649 shares of the company’s stock valued at $1,353,000 after acquiring an additional 75 shares in the last quarter. Finally, Hexagon Capital Partners LLC raised its position in Cummins by 64.3% in the fourth quarter. Hexagon Capital Partners LLC now owns 212 shares of the company’s stock worth $51,000 after purchasing an additional 83 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CMI. Morgan Stanley began coverage on Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target for the company. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $243.00 to $225.00 in a research report on Friday, January 19th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Truist Financial boosted their target price on Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a research report on Friday. Finally, StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus target price of $282.55.

Cummins Price Performance

Shares of CMI opened at $280.74 on Friday. The company has a 50 day moving average of $285.06 and a 200-day moving average of $252.19. 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 stock has a market capitalization of $38.39 billion, a P/E ratio of 20.55, a P/E/G ratio of 1.90 and a beta of 1.04. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24.

Cummins (NYSE:CMI) last issued 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). The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period last year, the company posted $4.52 earnings per share. As a group, equities research analysts forecast that Cummins Inc. will post 18.34 EPS for the current fiscal year.

Cummins Announces Dividend

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

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the transaction, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,289 shares of company stock worth $13,576,838. Insiders own 0.56% of the company’s stock.

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.