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

Teacher Retirement System of Texas raised its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 45.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 124,105 shares of the company's stock after purchasing an additional 39,003 shares during the period. Teacher Retirement System of Texas owned 0.09% of Cummins worth $38,899,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. increased its holdings in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the last quarter. TCTC Holdings LLC purchased a new position in Cummins in the fourth quarter worth about $28,000. SBI Securities Co. Ltd. purchased a new position in Cummins in the fourth quarter worth about $30,000. Capital A Wealth Management LLC bought a new stake in Cummins during the fourth quarter worth approximately $32,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Cummins during the 1st quarter valued at approximately $37,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CMI shares. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and upped their price target for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Citigroup reaffirmed a "buy" rating and set a $360.00 target price (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Morgan Stanley boosted their price objective on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Evercore ISI reduced their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Finally, JPMorgan Chase & Co. lifted their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $358.08.

Insider Buying and Selling

In other Cummins news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.41% of the company's stock.

Cummins Stock Performance

NYSE:CMI traded down $1.61 during trading hours on Friday, hitting $331.83. 549,622 shares of the company were exchanged, compared to its average volume of 774,005. The company's 50 day moving average price is $318.77 and its 200-day moving average price is $331.87. The stock has a market capitalization of $45.71 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 2.01 and a beta of 1.03. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same period in the prior year, the firm earned $5.08 EPS. The firm's revenue was down 2.7% on a year-over-year basis. As a group, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio is presently 36.22%.

Cummins Company Profile

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.