Texas Permanent School Fund Corp Has $3.17 Million Holdings in Cummins Inc. $CMI

Texas Permanent School Fund Corp trimmed its stake in Cummins Inc. (NYSE:CMI) by 34.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 9,681 shares of the company’s stock after selling 5,133 shares during the period. Texas Permanent School Fund Corp’s holdings in Cummins were worth $3,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in CMI. Osterweis Capital Management Inc. acquired a new stake in Cummins during the second quarter worth about $31,000. Wealth Preservation Advisors LLC acquired a new position in Cummins in the 1st quarter valued at approximately $41,000. CNB Bank bought a new stake in shares of Cummins in the 2nd quarter worth approximately $43,000. Flaharty Asset Management LLC acquired a new stake in shares of Cummins during the 1st quarter worth approximately $47,000. Finally, State of Wyoming bought a new stake in shares of Cummins during the first quarter valued at approximately $50,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling

In related news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the sale, the insider directly owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This trade represents a 13.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 27,330 shares of company stock worth $12,649,764 in the last three months. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on CMI. JPMorgan Chase & Co. raised their target price on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Argus raised their price objective on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Citigroup lifted their target price on shares of Cummins from $530.00 to $580.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Finally, Truist Financial raised their price target on shares of Cummins from $628.00 to $653.00 and gave the stock a “buy” rating in a research note on Thursday. Twelve research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $486.60.

Cummins Trading Up 1.3%

Shares of Cummins stock opened at $507.14 on Friday. The stock has a market capitalization of $70.01 billion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 1.97 and a beta of 1.11. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52. The company has a 50-day simple moving average of $467.22 and a 200 day simple moving average of $406.30. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $526.50.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned $5.86 earnings per share. Research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were given a dividend of $2.00 per share. The ex-dividend date was Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.6%. Cummins’s dividend payout ratio is 41.52%.

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.