New Mexico Educational Retirement Board cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,304 shares of the company’s stock after selling 500 shares during the period. New Mexico Educational Retirement Board’s holdings in Cummins were worth $1,942,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Bank of New York Mellon Corp boosted its position in shares of Cummins by 30.3% during the third quarter. Bank of New York Mellon Corp now owns 1,644,399 shares of the company’s stock valued at $240,197,000 after purchasing an additional 382,426 shares in the last quarter. Martingale Asset Management L P boosted its position in shares of Cummins by 11.2% during the third quarter. Martingale Asset Management L P now owns 30,761 shares of the company’s stock valued at $4,494,000 after purchasing an additional 3,101 shares in the last quarter. Vident Investment Advisory LLC bought a new stake in shares of Cummins during the third quarter valued at approximately $483,000. Point72 Asset Management L.P. bought a new stake in shares of Cummins during the third quarter valued at approximately $5,653,000. Finally, Mackenzie Financial Corp boosted its position in shares of Cummins by 1.6% during the third quarter. Mackenzie Financial Corp now owns 22,009 shares of the company’s stock valued at $3,215,000 after purchasing an additional 353 shares in the last quarter. Institutional investors own 82.08% of the company’s stock.
CMI has been the topic of several research reports. Zacks Investment Research lowered Cummins from a “hold” rating to a “sell” rating in a research report on Thursday, January 3rd. Mizuho set a $155.00 price target on Cummins and gave the company a “hold” rating in a research report on Saturday, February 9th. CIBC restated a “market perform” rating on shares of Cummins in a research report on Thursday, February 7th. Royal Bank of Canada restated a “hold” rating and set a $155.00 price target on shares of Cummins in a research report on Monday, December 24th. Finally, Piper Jaffray Companies set a $195.00 target price on Cummins and gave the stock a “buy” rating in a report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $163.19.
Cummins (NYSE:CMI) last released its earnings results on Wednesday, February 6th. The company reported $3.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.81 by ($0.33). Cummins had a return on equity of 29.71% and a net margin of 9.01%. The company had revenue of $6.13 billion during the quarter, compared to the consensus estimate of $6.08 billion. During the same period last year, the firm posted $3.03 earnings per share. The company’s revenue was up 11.9% compared to the same quarter last year. On average, research analysts predict that Cummins Inc. will post 15.47 EPS for the current year.
In other news, VP Tracy A. Embree sold 206 shares of the company’s stock in a transaction on Wednesday, February 6th. The stock was sold at an average price of $150.00, for a total transaction of $30,900.00. Following the transaction, the vice president now directly owns 4,221 shares of the company’s stock, valued at $633,150. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Srikanth Padmanabhan sold 1,687 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $160.00, for a total value of $269,920.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,316 shares of company stock worth $364,321. Corporate insiders own 0.95% of the company’s stock.
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Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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