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

Teacher Retirement System of Texas lifted its stake in Cummins Inc. (NYSE:CMI) by 21.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 68,716 shares of the company’s stock after purchasing an additional 12,316 shares during the quarter. Teacher Retirement System of Texas’ holdings in Cummins were worth $29,024,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new stake in Cummins in the second quarter worth $505,941,000. American Century Companies Inc. raised its stake in shares of Cummins by 138.8% in the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after acquiring an additional 528,689 shares during the period. Ontario Teachers Pension Plan Board raised its stake in shares of Cummins by 5,158.9% in the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after acquiring an additional 427,670 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after acquiring an additional 344,680 shares during the last quarter. Finally, Amundi boosted its stake in shares of Cummins by 48.6% during the 2nd quarter. Amundi now owns 1,030,767 shares of the company’s stock worth $343,699,000 after purchasing an additional 337,074 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on CMI shares. Argus increased their price objective on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. UBS Group upgraded Cummins from a “sell” rating to a “neutral” rating in a research report on Tuesday, November 25th. Raymond James Financial upgraded Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price target on the stock in a report on Monday, December 22nd. Wells Fargo & Company raised their price target on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 30th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $520.79.

Cummins Stock Performance

Cummins stock opened at $571.34 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The company has a market capitalization of $78.86 billion, a PE ratio of 29.65, a P/E/G ratio of 2.04 and a beta of 1.12. The company has a 50 day moving average price of $520.97 and a 200-day moving average price of $444.67. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $587.55.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.83 by $0.76. The company had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.Cummins’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.86 earnings per share. As a group, equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Insider Transactions at Cummins

In related news, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 19,330 shares of company stock valued at $9,135,364. 0.41% of the stock is currently owned by corporate insiders.

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.