California State Teachers Retirement System reduced its stake in shares of Cummins Inc. (NYSE:CMI – Get Rating) by 2.9% in the third quarter, Holdings Channel reports. The fund owned 236,618 shares of the company’s stock after selling 7,089 shares during the quarter. California State Teachers Retirement System’s holdings in Cummins were worth $48,154,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently modified their holdings of the business. West Financial Advisors LLC purchased a new stake in Cummins in the 3rd quarter worth approximately $26,000. Stonebridge Capital Advisors LLC lifted its stake in Cummins by 64.0% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 164 shares of the company’s stock worth $33,000 after purchasing an additional 64 shares in the last quarter. Ten Capital Wealth Advisors LLC purchased a new stake in Cummins in the 3rd quarter worth approximately $35,000. Castle Wealth Management LLC lifted its stake in Cummins by 125.0% in the 3rd quarter. Castle Wealth Management LLC now owns 180 shares of the company’s stock worth $37,000 after purchasing an additional 100 shares in the last quarter. Finally, New Millennium Group LLC purchased a new stake in Cummins in the 2nd quarter worth approximately $39,000. 80.94% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Cummins
In other Cummins news, VP Sharon R. Barner sold 5,929 shares of the firm’s stock in a transaction on Friday, February 17th. The shares were sold at an average price of $257.13, for a total value of $1,524,523.77. Following the sale, the vice president now owns 16,144 shares of the company’s stock, valued at approximately $4,151,106.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cummins news, Director Georgia R. Nelson sold 1,933 shares of the firm’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $251.64, for a total value of $486,420.12. Following the sale, the director now owns 21,742 shares of the company’s stock, valued at approximately $5,471,156.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Sharon R. Barner sold 5,929 shares of the firm’s stock in a transaction on Friday, February 17th. The stock was sold at an average price of $257.13, for a total transaction of $1,524,523.77. Following the completion of the sale, the vice president now directly owns 16,144 shares in the company, valued at approximately $4,151,106.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,709 shares of company stock valued at $4,245,545. Insiders own 1.00% of the company’s stock.
Cummins Price Performance
Cummins (NYSE:CMI – Get Rating) last released its earnings results on Monday, February 6th. The company reported $4.52 EPS for the quarter, meeting the consensus estimate of $4.52. Cummins had a net margin of 7.66% and a return on equity of 24.58%. The company had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.21 billion. During the same quarter last year, the firm earned $2.85 EPS. The firm’s quarterly revenue was up 32.8% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 18.95 earnings per share for the current year.
Cummins Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 9th. Investors of record on Friday, February 24th were issued a dividend of $1.57 per share. This represents a $6.28 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend was Thursday, February 23rd. Cummins’s dividend payout ratio is currently 41.56%.
Wall Street Analysts Forecast Growth
CMI has been the topic of several recent analyst reports. UBS Group increased their target price on shares of Cummins from $247.00 to $260.00 and gave the stock a “neutral” rating in a research note on Thursday, February 16th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Cummins from $235.00 to $231.00 and set a “hold” rating on the stock in a report on Tuesday, February 7th. Morgan Stanley decreased their price target on shares of Cummins from $264.00 to $262.00 and set an “equal weight” rating on the stock in a report on Friday, January 20th. StockNews.com assumed coverage on shares of Cummins in a report on Thursday. They issued a “buy” rating on the stock. Finally, Credit Suisse Group increased their price target on shares of Cummins from $287.00 to $291.00 and gave the stock an “outperform” rating in a report on Tuesday, February 7th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $254.75.
Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, 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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