Teacher Retirement System of Texas Lowers Position in Cummins Inc. $CMI

Teacher Retirement System of Texas trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 54.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,400 shares of the company’s stock after selling 67,705 shares during the quarter. Teacher Retirement System of Texas’ holdings in Cummins were worth $18,471,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Cummins by 18.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,463 shares of the company’s stock worth $6,740,000 after purchasing an additional 3,412 shares during the period. New York State Teachers Retirement System grew its position in Cummins by 5.3% during the first quarter. New York State Teachers Retirement System now owns 116,623 shares of the company’s stock valued at $36,554,000 after buying an additional 5,856 shares during the period. Spinnaker Trust purchased a new position in Cummins in the first quarter valued at about $241,000. Finally, Koshinski Asset Management Inc. grew its position in shares of Cummins by 7.1% during the 1st quarter. Koshinski Asset Management Inc. now owns 1,469 shares of the company’s stock valued at $460,000 after acquiring an additional 97 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $414.37 on Wednesday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $440.51. The firm’s fifty day moving average price is $413.38 and its 200-day moving average price is $360.07. The stock has a market cap of $57.10 billion, a P/E ratio of 19.48, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter last year, the business posted $5.26 earnings per share. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CMI shares. Robert W. Baird lifted their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research note on Friday, July 11th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Citigroup raised their price target on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Finally, Barclays lifted their target price on Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $410.50.

Insider Activity

In other news, CFO Mark Andrew Smith sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $13,873,972.60. The trade was a 20.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 43,119 shares of company stock valued at $17,674,285. Insiders own 0.41% of the company’s stock.

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.