Teacher Retirement System of Texas Lowers Stake in Cummins Inc. (NYSE:CMI)
Teacher Retirement System of Texas reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.1% in the second quarter, HoldingsChannel reports. The fund owned 191,565 shares of the company’s stock after selling 10,357 shares during the period. Teacher Retirement System of Texas’ holdings in Cummins were worth $32,823,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. OLD Second National Bank of Aurora grew its stake in shares of Cummins by 1.1% in the second quarter. OLD Second National Bank of Aurora now owns 13,629 shares of the company’s stock worth $2,335,000 after acquiring an additional 148 shares during the period. Autus Asset Management LLC grew its stake in shares of Cummins by 5.6% in the second quarter. Autus Asset Management LLC now owns 2,828 shares of the company’s stock worth $485,000 after acquiring an additional 150 shares during the period. FNY Investment Advisers LLC bought a new stake in shares of Cummins in the second quarter worth approximately $51,000. Swiss National Bank grew its position in Cummins by 1.1% during the first quarter. Swiss National Bank now owns 509,719 shares of the company’s stock valued at $80,469,000 after buying an additional 5,300 shares during the period. Finally, Zions Bancorporation N.A. bought a new stake in Cummins during the first quarter valued at approximately $87,000. 81.45% of the stock is owned by institutional investors.
NYSE:CMI traded down $1.47 during trading hours on Thursday, hitting $146.29. 12,428 shares of the stock traded hands, compared to its average volume of 1,460,030. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.18. Cummins Inc. has a 1 year low of $124.40 and a 1 year high of $175.91. The company has a market cap of $23.52 billion, a price-to-earnings ratio of 11.05, a price-to-earnings-growth ratio of 1.17 and a beta of 1.14. The stock has a 50 day moving average price of $162.66 and a 200 day moving average price of $160.84.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st will be issued a dividend of $1.311 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $5.24 annualized dividend and a yield of 3.58%. This is an increase from Cummins’s previous quarterly dividend of $1.14. Cummins’s payout ratio is currently 34.47%.
Several brokerages recently issued reports on CMI. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research report on Friday, May 3rd. ValuEngine lowered shares of Cummins from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Evercore ISI restated an “in-line” rating and set a $169.00 target price (up from $163.00) on shares of Cummins in a research report on Friday, May 31st. Stifel Nicolaus boosted their target price on shares of Cummins from $176.00 to $183.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Finally, UBS Group boosted their target price on shares of Cummins from $130.00 to $135.00 and gave the company a “sell” rating in a research report on Wednesday, May 1st. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $166.67.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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