Teacher Retirement System of Texas Raises Stake in Cummins Inc. $CMI

Teacher Retirement System of Texas raised its stake in shares of Cummins Inc. (NYSE:CMI) by 17.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 80,765 shares of the company’s stock after buying an additional 12,049 shares during the quarter. Teacher Retirement System of Texas’ holdings in Cummins were worth $41,226,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Fisher Asset Management LLC lifted its holdings in shares of Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after buying an additional 91,956 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Cummins by 0.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock valued at $649,280,000 after acquiring an additional 7,372 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Cummins by 4.5% during the 3rd quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company’s stock worth $640,090,000 after acquiring an additional 64,822 shares during the period. Bank of New York Mellon Corp increased its holdings in Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after acquiring an additional 488,430 shares during the period. Finally, Boston Partners purchased a new stake in Cummins in the 3rd quarter worth approximately $473,471,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Shares of Cummins stock opened at $657.49 on Friday. The business’s 50 day simple moving average is $575.23 and its two-hundred day simple moving average is $528.25. Cummins Inc. has a one year low of $282.77 and a one year high of $663.01. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The stock has a market capitalization of $90.84 billion, a P/E ratio of 32.04, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.16 EPS. Analysts forecast that Cummins Inc. will post 26.03 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were issued a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s dividend payout ratio (DPR) is 38.99%.

Insider Buying and Selling

In related news, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the sale, the vice president owned 15,130 shares in the company, valued at $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $583.67, for a total transaction of $758,771.00. Following the sale, the vice president directly owned 3,389 shares in the company, valued at $1,978,057.63. The trade was a 27.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 31,195 shares of company stock valued at $18,397,489 over the last three months. Insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CMI shares. Morgan Stanley restated an “overweight” rating and set a $675.00 price target on shares of Cummins in a research report on Friday, February 6th. UBS Group set a $565.00 price objective on Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. JPMorgan Chase & Co. lifted their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Robert W. Baird set a $580.00 price target on shares of Cummins in a research note on Friday, February 6th. Finally, Citigroup raised their price target on Cummins from $630.00 to $710.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $600.27.

Cummins 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.