California State Teachers Retirement System Trims Stock Position in Cummins Inc. $CMI

California State Teachers Retirement System lessened its stake in Cummins Inc. (NYSE:CMI) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 206,171 shares of the company’s stock after selling 4,902 shares during the period. California State Teachers Retirement System owned 0.15% of Cummins worth $110,924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Activest Wealth Management boosted its position in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the period. Cedar Mountain Advisors LLC increased its position in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares during the period. Wellington Shields Capital Management LLC purchased a new stake in Cummins in the fourth quarter valued at approximately $27,000. Key Financial Inc lifted its stake in Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares during the last quarter. Finally, Birchwood Financial Partners Inc. acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $28,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI opened at $605.63 on Thursday. The stock has a market capitalization of $83.57 billion, a P/E ratio of 31.43, a P/E/G ratio of 1.56 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a 1 year low of $354.68 and a 1 year high of $737.76. The company’s fifty day moving average is $670.30 and its two-hundred day moving average is $621.86.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business earned $5.96 EPS. On average, sell-side analysts predict that Cummins Inc. will post 29.39 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.5%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is presently 41.52%.

Insider Buying and Selling

In other news, VP Donald G. Jackson sold 730 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last three months. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CMI shares. Barclays raised their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Truist Financial raised their price objective on shares of Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Citigroup lifted their price objective on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Raymond James Financial increased their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Finally, Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $740.07.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.