Teacher Retirement System of Texas trimmed its position in Cummins Inc. (NYSE:CMI) by 30.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 62,786 shares of the company’s stock after selling 27,460 shares during the period. Teacher Retirement System of Texas’ holdings in Cummins were worth $8,391,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in CMI. O Brien Greene & Co. Inc purchased a new stake in shares of Cummins in the fourth quarter valued at $2,814,000. Actinver Wealth Management Inc. purchased a new stake in shares of Cummins in the fourth quarter valued at $212,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Cummins in the fourth quarter valued at $390,000. Valley National Advisers Inc. lifted its holdings in shares of Cummins by 10.5% in the fourth quarter. Valley National Advisers Inc. now owns 6,188 shares of the company’s stock valued at $827,000 after purchasing an additional 590 shares in the last quarter. Finally, Surevest Inc. purchased a new stake in shares of Cummins in the fourth quarter valued at $252,000. Institutional investors own 82.08% of the company’s stock.
A number of equities analysts have recently weighed in on the stock. Buckingham Research upped their price target on shares of Cummins from $160.00 to $172.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Robert W. Baird raised shares of Cummins from a “neutral” rating to an “outperform” rating and set a $148.40 target price on the stock in a research report on Thursday, February 7th. Oppenheimer downgraded shares of Cummins from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 7th. Zacks Investment Research downgraded shares of Cummins from a “hold” rating to a “sell” rating in a research report on Wednesday, January 9th. Finally, ValuEngine raised shares of Cummins from a “sell” rating to a “hold” rating in a research report on Friday, February 15th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $163.19.
Cummins (NYSE:CMI) last released its earnings results on Wednesday, February 6th. The company reported $3.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.81 by ($0.33). Cummins had a net margin of 9.01% and a return on equity of 29.71%. The company had revenue of $6.13 billion during the quarter, compared to the consensus estimate of $6.08 billion. During the same quarter in the previous year, the business posted $3.03 EPS. The firm’s quarterly revenue was up 11.9% on a year-over-year basis. Research analysts forecast that Cummins Inc. will post 15.47 earnings per share for the current fiscal year.
In other Cummins news, insider Srikanth Padmanabhan sold 1,687 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $160.00, for a total transaction of $269,920.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Tracy A. Embree sold 206 shares of the firm’s stock in a transaction dated Wednesday, February 6th. The stock was sold at an average price of $150.00, for a total transaction of $30,900.00. Following the transaction, the vice president now owns 4,221 shares of the company’s stock, valued at approximately $633,150. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,316 shares of company stock valued at $364,321. Corporate insiders own 0.95% of the company’s stock.
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Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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