Texas Permanent School Fund Corp Has $3.17 Million Stock Position in Cummins Inc. $CMI

Texas Permanent School Fund Corp reduced its holdings in Cummins Inc. (NYSE:CMI) by 34.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,681 shares of the company’s stock after selling 5,133 shares during the period. Texas Permanent School Fund Corp’s holdings in Cummins were worth $3,171,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of CMI. Osterweis Capital Management Inc. purchased a new stake in shares of Cummins in the second quarter worth approximately $31,000. Wealth Preservation Advisors LLC purchased a new position in Cummins during the first quarter valued at approximately $41,000. CNB Bank acquired a new position in Cummins in the 2nd quarter valued at approximately $43,000. Flaharty Asset Management LLC purchased a new stake in Cummins in the 1st quarter worth approximately $47,000. Finally, State of Wyoming acquired a new stake in shares of Cummins during the 1st quarter valued at $50,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In related news, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at $14,864,384.12. This trade represents a 29.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 27,330 shares of company stock worth $12,649,764 in the last quarter. 0.41% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CMI shares. Truist Financial upped their price target on shares of Cummins from $628.00 to $653.00 and gave the stock a “buy” rating in a research note on Thursday. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Barclays reissued a “positive” rating on shares of Cummins in a research note on Friday. Finally, Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average price target of $486.60.

Cummins Stock Performance

Shares of NYSE CMI opened at $507.14 on Friday. The business’s 50-day simple moving average is $467.22 and its 200-day simple moving average is $406.30. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $526.50. The firm has a market cap of $70.01 billion, a price-to-earnings ratio of 26.32, a P/E/G ratio of 1.97 and a beta of 1.11.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The firm had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. During the same period in the previous year, the company earned $5.86 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, November 21st. Cummins’s dividend payout ratio is currently 41.52%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.