Teacher Retirement System of Texas grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 870.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 85,102 shares of the company's stock after purchasing an additional 76,337 shares during the quarter. Teacher Retirement System of Texas owned about 0.06% of Cummins worth $29,667,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of CMI. Mariner Investment Group LLC purchased a new position in Cummins in the 4th quarter valued at approximately $1,046,000. Alpha DNA Investment Management LLC purchased a new position in shares of Cummins in the third quarter valued at $748,000. Franklin Resources Inc. raised its stake in shares of Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock valued at $79,017,000 after purchasing an additional 99,464 shares during the period. Bank of Montreal Can lifted its holdings in Cummins by 21.2% during the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company's stock worth $127,898,000 after purchasing an additional 68,627 shares in the last quarter. Finally, Hancock Whitney Corp boosted its stake in Cummins by 545.1% in the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company's stock worth $12,508,000 after purchasing an additional 32,642 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.
Cummins Price Performance
Shares of CMI stock traded down $0.51 during trading hours on Tuesday, hitting $330.57. 669,883 shares of the company's stock were exchanged, compared to its average volume of 766,350. The company has a market capitalization of $45.45 billion, a PE ratio of 11.73, a PEG ratio of 2.19 and a beta of 1.01. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12-month low of $261.51 and a 12-month high of $387.90. The business's 50 day simple moving average is $355.39 and its 200-day simple moving average is $347.98.
Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. During the same quarter last year, the company earned $4.14 EPS. The firm's revenue was down 1.1% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.
Cummins Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.20%. Cummins's payout ratio is currently 25.84%.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group increased their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a report on Friday, December 6th. UBS Group cut their price target on shares of Cummins from $432.00 to $400.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. JPMorgan Chase & Co. decreased their price target on shares of Cummins from $420.00 to $375.00 and set a "neutral" rating on the stock in a report on Tuesday, March 18th. StockNews.com downgraded Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday. Finally, Robert W. Baird upped their target price on Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $389.50.
Get Our Latest Analysis on CMI
About Cummins
(
Free Report)
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.
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