Teacher Retirement System of Texas Grows Position in Cummins Inc. (NYSE:CMI)

Teacher Retirement System of Texas increased its position in shares of Cummins Inc. (NYSE:CMI) by 870.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 85,102 shares of the company’s stock after purchasing an additional 76,337 shares during the period. Teacher Retirement System of Texas owned approximately 0.06% of Cummins worth $29,667,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CMI. Raymond James Financial Inc. purchased a new position in shares of Cummins during the 4th quarter worth about $187,082,000. Proficio Capital Partners LLC purchased a new position in shares of Cummins during the 4th quarter worth about $71,279,000. Amundi boosted its stake in shares of Cummins by 32.3% during the 4th quarter. Amundi now owns 771,038 shares of the company’s stock worth $277,381,000 after purchasing an additional 188,254 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after purchasing an additional 165,398 shares during the period. Finally, State Street Corp boosted its stake in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Down 0.5 %

NYSE:CMI opened at $325.38 on Friday. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market cap of $44.73 billion, a P/E ratio of 11.55, a P/E/G ratio of 2.19 and a beta of 1.01. The firm has a 50-day simple moving average of $356.66 and a 200-day simple moving average of $347.05.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the previous year, the business posted $4.14 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.24%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analysts Set New Price Targets

A number of equities analysts recently commented on CMI shares. Evercore ISI lifted their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Jefferies Financial Group boosted their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Friday, March 14th. Truist Financial boosted their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Finally, Citigroup lowered their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and an average price target of $389.50.

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.