Teacher Retirement System of Texas Cuts Position in Cummins Inc. (CMI)
Teacher Retirement System of Texas decreased its position in shares of Cummins Inc. (NYSE:CMI) by 0.0% during the second quarter, Holdings Channel reports. The institutional investor owned 352,984 shares of the company’s stock after selling 7 shares during the period. Teacher Retirement System of Texas’ holdings in Cummins were worth $57,261,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Carroll Financial Associates Inc. increased its position in Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after buying an additional 83 shares in the last quarter. First Manhattan Co. increased its position in Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock worth $127,000 after buying an additional 40 shares in the last quarter. First Interstate Bank increased its position in Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after buying an additional 194 shares in the last quarter. Harbour Capital Advisors LLC bought a new position in Cummins during the first quarter worth $150,000. Finally, Pathstone Family Office LLC bought a new position in Cummins during the first quarter worth $153,000. 80.66% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE CMI) opened at 151.28 on Friday. The stock has a market capitalization of $25.26 billion, a PE ratio of 17.10 and a beta of 1.09. Cummins Inc. has a 1-year low of $116.03 and a 1-year high of $170.68. The firm has a 50-day moving average of $162.07 and a 200 day moving average of $155.44.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by $0.05. The business had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.40 earnings per share. Analysts predict that Cummins Inc. will post $7.98 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 2.86%. This is a positive change from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date is Wednesday, August 16th. Cummins’s payout ratio is 48.76%.
A number of research analysts have recently weighed in on CMI shares. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research report on Thursday, July 20th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Goldman Sachs Group, Inc. (The) downgraded shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 target price for the company. in a research report on Monday, August 7th. Stifel Nicolaus increased their target price on shares of Cummins from $155.00 to $160.00 and gave the company a “hold” rating in a research report on Thursday, June 15th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $166.00 target price on shares of Cummins in a research report on Monday, June 5th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $156.21.
In related news, VP Anant Talaulicar sold 1,650 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total transaction of $259,875.00. Following the completion of the sale, the vice president now directly owns 13,029 shares in the company, valued at $2,052,067.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Georgia R. Nelson sold 1,086 shares of the business’s stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $156.10, for a total transaction of $169,524.60. Following the sale, the director now owns 16,512 shares of the company’s stock, valued at $2,577,523.20. The disclosure for this sale can be found here. Insiders have sold 60,969 shares of company stock valued at $10,053,755 over the last 90 days. 0.62% of the stock is currently owned by company insiders.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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