Cummins Inc. $CMI Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System lowered its position in Cummins Inc. (NYSE:CMI) by 2.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 206,171 shares of the company’s stock after selling 4,902 shares during the period. California State Teachers Retirement System’s holdings in Cummins were worth $110,924,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its position in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares in the last quarter. Norges Bank purchased a new position in shares of Cummins in the fourth quarter valued at $863,441,000. Boston Partners acquired a new position in shares of Cummins during the 3rd quarter worth $473,471,000. SG Americas Securities LLC boosted its position in shares of Cummins by 257.9% in the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after buying an additional 530,812 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in shares of Cummins by 245.1% in the 4th quarter. First Trust Advisors LP now owns 542,796 shares of the company’s stock worth $277,071,000 after buying an additional 385,525 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Jennifer Mary Bush sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the sale, the chief accounting officer owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last three months. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CMI shares. Citigroup raised their target price on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Evercore reissued an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Finally, Barclays lifted their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $740.07.

Cummins Stock Performance

NYSE:CMI opened at $605.63 on Thursday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a market cap of $83.57 billion, a PE ratio of 31.43, a P/E/G ratio of 1.56 and a beta of 1.22. The firm has a 50 day simple moving average of $670.30 and a 200-day simple moving average of $621.86. Cummins Inc. has a 1-year low of $354.68 and a 1-year high of $737.76.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the company earned $5.96 EPS. Cummins’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.5%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

About Cummins

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.