California State Teachers Retirement System Boosts Stake in Cummins Inc. $CMI

California State Teachers Retirement System grew its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 0.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,850 shares of the company's stock after purchasing an additional 1,679 shares during the quarter. California State Teachers Retirement System owned approximately 0.15% of Cummins worth $148,240,699 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Valmark Advisers Inc. increased its stake in Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company's stock valued at $472,000 after purchasing an additional 16 shares during the last quarter. Guardian Partners Inc. raised its holdings in Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company's stock worth $852,000 after purchasing an additional 16 shares during the last quarter. Nicolet Advisory Services LLC increased its stake in Cummins by 1.6% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company's stock valued at $619,000 after buying an additional 17 shares during the last quarter. Uhlmann Price Securities LLC increased its stake in Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company's stock worth $386,000 after acquiring an additional 17 shares during the last quarter. Finally, ICW Investment Advisors LLC lifted its position in shares of Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company's stock worth $369,000 after purchasing an additional 18 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CMI has been the topic of a number of recent research reports. Sanford C. Bernstein reissued a "market perform" rating and set a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Truist Financial set a $894.00 price objective on Cummins and gave the stock a "buy" rating in a report on Wednesday, August 5th. Citigroup increased their price objective on shares of Cummins from $770.00 to $790.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Weiss Ratings downgraded Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, August 31st. Finally, UBS Group dropped their price target on Cummins from $850.00 to $835.00 and set a "buy" rating on the stock in a research note on Wednesday, August 5th. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $750.75.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company's stock.

Cummins Trading Down 0.5%

Shares of Cummins stock traded down $2.90 on Tuesday, reaching $538.20. The company had a trading volume of 533,554 shares, compared to its average volume of 966,433. Cummins Inc. has a 1 year low of $400.72 and a 1 year high of $737.76. The firm's 50-day moving average price is $617.05 and its two-hundred day moving average price is $624.99. The firm has a market cap of $74.09 billion, a price-to-earnings ratio of 27.47, a P/E/G ratio of 1.50 and a beta of 1.23. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $6.43 earnings per share. As a group, research analysts predict that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were issued a $2.20 dividend. This is a boost from Cummins's previous quarterly dividend of $2.00. The ex-dividend date was Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.6%. Cummins's payout ratio is 44.97%.

Cummins Company Profile

Cummins Inc is a global power and energy technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines, powertrains and related technologies for commercial vehicles, industrial equipment, mining, construction, agriculture, marine and other applications.

Cummins' products and services include diesel and natural-gas engines, hybrid powertrains, fuel systems, filtration and emission-control technologies, turbochargers, generators and power-generation systems.

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