Texas Permanent School Fund Has $7.04 Million Stake in Cummins Inc. (NYSE:CMI)
Texas Permanent School Fund lowered its stake in Cummins Inc. (NYSE:CMI) by 3.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,421 shares of the company’s stock after selling 1,782 shares during the period. Texas Permanent School Fund’s holdings in Cummins were worth $7,044,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Macquarie Group Ltd. boosted its position in Cummins by 49.2% in the fourth quarter. Macquarie Group Ltd. now owns 9,400 shares of the company’s stock valued at $1,285,000 after buying an additional 3,100 shares in the last quarter. Gulf International Bank UK Ltd boosted its position in Cummins by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 51,801 shares of the company’s stock valued at $7,832,000 after buying an additional 500 shares in the last quarter. Honkamp Krueger Financial Services Inc. boosted its position in Cummins by 4.9% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 2,974 shares of the company’s stock valued at $450,000 after buying an additional 138 shares in the last quarter. Private Trust Co. NA purchased a new position in Cummins during the first quarter valued at about $250,000. Finally, Weybosset Research & Management LLC boosted its position in Cummins by 1.1% in the first quarter. Weybosset Research & Management LLC now owns 41,063 shares of the company’s stock valued at $6,209,000 after buying an additional 445 shares in the last quarter. 80.34% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE CMI) opened at 155.83 on Friday. The stock has a 50 day moving average of $162.75 and a 200 day moving average of $155.12. Cummins Inc. has a 52-week low of $116.03 and a 52-week high of $170.68. The firm has a market capitalization of $26.02 billion, a price-to-earnings ratio of 17.61 and a beta of 1.09.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. The business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.40 EPS. On average, analysts predict that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a $1.08 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.77%. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s payout ratio is currently 46.28%.
CMI has been the subject of several analyst reports. Wells Fargo & Company raised shares of Cummins from a “market perform” rating to an “outperform” rating in a report on Monday, April 17th. Piper Jaffray Companies cut shares of Cummins from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $160.00 to $144.00 in a report on Tuesday, April 18th. Barclays PLC increased their price target on shares of Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Jefferies Group LLC reissued a “hold” rating and set a $160.00 price target (up from $150.00) on shares of Cummins in a report on Tuesday, May 2nd. Finally, Stifel Nicolaus reissued a “hold” rating and set a $155.00 price target (up from $150.00) on shares of Cummins in a report on Wednesday, May 3rd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $156.21.
In other news, CFO Pat Ward sold 14,050 shares of Cummins stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $163.95, for a total value of $2,303,497.50. Following the transaction, the chief financial officer now owns 13,395 shares of the company’s stock, valued at approximately $2,196,110.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Anant Talaulicar sold 1,650 shares of Cummins stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total transaction of $259,875.00. Following the completion of the transaction, the vice president now directly owns 13,029 shares in the company, valued at approximately $2,052,067.50. The disclosure for this sale can be found here. Insiders sold a total of 60,969 shares of company stock worth $10,053,755 in the last ninety days. Corporate insiders own 0.62% of the company’s stock.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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