California State Teachers Retirement System Boosts Stock Position in Cummins Inc. (NYSE:CMI)

California State Teachers Retirement System increased its holdings in Cummins Inc. (NYSE:CMI) by 0.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 212,702 shares of the company’s stock after acquiring an additional 426 shares during the period. California State Teachers Retirement System owned approximately 0.15% of Cummins worth $74,148,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Global Trust Asset Management LLC grew its position in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new position in Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc bought a new position in shares of Cummins in the 4th quarter worth about $27,000. Meeder Asset Management Inc. boosted its stake in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 52 shares during the period. Finally, TCTC Holdings LLC bought a new position in Cummins during the 4th quarter valued at $28,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the subject of several recent research reports. Truist Financial lowered their price target on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and decreased their price objective for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Morgan Stanley lowered their price target on Cummins from $425.00 to $340.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Evercore ISI increased their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Finally, Robert W. Baird cut their price target on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus target price of $346.00.

Cummins Stock Up 0.3 %

CMI opened at $294.24 on Tuesday. The firm has a market cap of $40.53 billion, a P/E ratio of 10.45, a PEG ratio of 2.19 and a beta of 1.07. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The business’s fifty day simple moving average is $316.28 and its 200 day simple moving average is $343.60. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the prior year, the company posted $4.14 EPS. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.47%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is presently 25.84%.

About Cummins

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.