California State Teachers Retirement System Has $74.15 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

California State Teachers Retirement System lifted its position in shares of Cummins Inc. (NYSE:CMI) by 0.2% during the 4th quarter, HoldingsChannel reports. The fund owned 212,702 shares of the company’s stock after purchasing an additional 426 shares during the period. California State Teachers Retirement System’s holdings in Cummins were worth $74,148,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Mariner Investment Group LLC bought a new position in shares of Cummins in the 4th quarter worth about $1,046,000. FMR LLC raised its holdings in shares of Cummins by 5.7% in the 4th quarter. FMR LLC now owns 1,242,362 shares of the company’s stock worth $433,087,000 after purchasing an additional 67,266 shares during the period. Fayez Sarofim & Co raised its holdings in Cummins by 72.3% during the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock valued at $2,857,000 after acquiring an additional 3,440 shares during the period. National Bank of Canada FI lifted its stake in Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock worth $28,359,000 after purchasing an additional 3,298 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position 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 acquiring an additional 99,464 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price target on shares of Cummins from $375.00 to $308.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and lowered their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Truist Financial cut their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. Morgan Stanley reduced their price target on shares of Cummins from $425.00 to $340.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $346.00.

Cummins Stock Performance

NYSE CMI opened at $294.24 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The firm has a market capitalization of $40.53 billion, a price-to-earnings ratio of 10.45, a P/E/G ratio of 2.19 and a beta of 1.07. The company’s fifty day moving average is $316.28 and its two-hundred day 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 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the previous year, the firm posted $4.14 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

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

Cummins Company 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.