Texas Permanent School Fund Corp Decreases Stake in Cummins Inc. (NYSE:CMI)

Texas Permanent School Fund Corp lowered its stake in Cummins Inc. (NYSE:CMI) by 20.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 22,543 shares of the company’s stock after selling 5,645 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Cummins were worth $6,243,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Choreo LLC raised its holdings in Cummins by 75.9% during the 2nd quarter. Choreo LLC now owns 6,660 shares of the company’s stock valued at $1,816,000 after buying an additional 2,873 shares during the last quarter. PFG Investments LLC increased its position in shares of Cummins by 10.0% in the second quarter. PFG Investments LLC now owns 1,753 shares of the company’s stock valued at $485,000 after acquiring an additional 160 shares during the period. Quest Partners LLC raised its stake in shares of Cummins by 311.6% during the second quarter. Quest Partners LLC now owns 7,245 shares of the company’s stock valued at $2,006,000 after acquiring an additional 5,485 shares during the last quarter. Caprock Group LLC boosted its holdings in shares of Cummins by 395.5% during the second quarter. Caprock Group LLC now owns 8,324 shares of the company’s stock worth $2,305,000 after purchasing an additional 6,644 shares during the period. Finally, Kerusso Capital Management LLC bought a new stake in shares of Cummins in the second quarter worth about $1,437,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on CMI. Barclays upped their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Evercore ISI lifted their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Citigroup started coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. Truist Financial raised their target price on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Finally, Robert W. Baird boosted their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $299.55.

Cummins Trading Down 0.6 %

NYSE:CMI opened at $293.36 on Thursday. The firm has a market capitalization of $40.13 billion, a P/E ratio of 21.48, a PEG ratio of 1.70 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83. The company’s 50-day simple moving average is $293.64 and its 200 day simple moving average is $286.71.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s revenue was up 2.3% on a year-over-year basis. During the same period last year, the business earned $5.18 earnings per share. As a group, analysts forecast that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.48%. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Cummins 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.