Texas Permanent School Fund Corp Has $8.31 Million Position in Cummins Inc. (NYSE:CMI)

Texas Permanent School Fund Corp lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 3.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,188 shares of the company’s stock after selling 1,085 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Cummins were worth $8,306,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. 9258 Wealth Management LLC acquired a new stake in Cummins during the first quarter worth approximately $253,000. Affinity Investment Advisors LLC acquired a new stake in Cummins during the first quarter worth approximately $737,000. Signaturefd LLC boosted its holdings in shares of Cummins by 5.4% in the 1st quarter. Signaturefd LLC now owns 3,125 shares of the company’s stock valued at $921,000 after purchasing an additional 161 shares in the last quarter. FDx Advisors Inc. acquired a new stake in shares of Cummins in the 1st quarter valued at $203,000. Finally, Catalina Capital Group LLC acquired a new stake in shares of Cummins in the 1st quarter valued at $290,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and raised their target price for the company from $254.00 to $321.00 in a report on Friday, March 15th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Raymond James assumed coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Robert W. Baird reduced their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Finally, TD Cowen raised their target price on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $287.18.

Cummins Trading Up 2.2 %

NYSE:CMI traded up $5.92 during trading hours on Thursday, hitting $280.01. 858,022 shares of the company were exchanged, compared to its average volume of 2,011,283. The stock has a market capitalization of $38.30 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 1.69 and a beta of 0.99. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. Cummins Inc. has a one year low of $212.80 and a one year high of $304.24. The company has a fifty day simple moving average of $279.20 and a 200 day simple moving average of $270.56.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. Sell-side analysts expect that Cummins Inc. will post 18.73 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.60%. Cummins’s dividend payout ratio (DPR) is 49.19%.

Insider Transactions at Cummins

In related news, VP Marvin Boakye purchased 1,745 shares of the business’s stock in a transaction on Monday, May 20th. The stock was acquired at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the purchase, the vice president now owns 1,745 shares of the company’s stock, valued at $499,139.80. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction on Friday, May 24th. The stock was acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Marvin Boakye purchased 1,745 shares of the business’s stock in a transaction on Monday, May 20th. The shares were bought at an average price of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

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.