Cummins Inc. (NYSE:CMI) Position Decreased by Employees Retirement System of Texas

Employees Retirement System of Texas decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 52.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 37,900 shares of the company’s stock after selling 42,100 shares during the period. Employees Retirement System of Texas’ holdings in Cummins were worth $9,240,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CMI. BlackRock Inc. boosted its position in shares of Cummins by 5.3% during the 1st quarter. BlackRock Inc. now owns 13,717,674 shares of the company’s stock valued at $3,554,386,000 after purchasing an additional 686,581 shares in the last quarter. Loomis Sayles & Co. L P acquired a new position in shares of Cummins in the first quarter worth about $154,145,000. Ameriprise Financial Inc. boosted its holdings in shares of Cummins by 21.1% in the first quarter. Ameriprise Financial Inc. now owns 1,556,866 shares of the company’s stock worth $403,399,000 after buying an additional 270,933 shares during the period. Credit Suisse AG boosted its holdings in shares of Cummins by 66.5% in the first quarter. Credit Suisse AG now owns 616,402 shares of the company’s stock worth $159,715,000 after buying an additional 246,135 shares during the period. Finally, Parnassus Investments CA boosted its holdings in shares of Cummins by 82.3% in the second quarter. Parnassus Investments CA now owns 410,246 shares of the company’s stock worth $100,022,000 after buying an additional 185,246 shares during the period. Institutional investors own 80.40% of the company’s stock.

Several brokerages have commented on CMI. Vertical Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $280.00 target price for the company in a report on Monday, July 26th. Morgan Stanley decreased their target price on shares of Cummins from $271.00 to $264.00 and set an “equal weight” rating for the company in a report on Monday, August 9th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Cummins from $262.00 to $255.00 and set a “hold” rating for the company in a report on Wednesday, July 14th. The Goldman Sachs Group cut shares of Cummins from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $270.00 to $230.00 in a report on Tuesday, August 24th. Finally, Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $251.00 price target for the company. in a report on Thursday, July 15th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $280.83.

Shares of CMI opened at $229.71 on Friday. The firm has a market cap of $32.99 billion, a PE ratio of 15.43, a PEG ratio of 1.27 and a beta of 1.05. The firm’s 50 day moving average price is $235.60 and its 200 day moving average price is $249.51. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.19 and a current ratio of 1.81. Cummins Inc. has a twelve month low of $199.70 and a twelve month high of $277.09.

Cummins (NYSE:CMI) last released its quarterly earnings results on Monday, August 2nd. The company reported $4.10 EPS for the quarter, beating the Zacks’ consensus estimate of $4.06 by $0.04. Cummins had a net margin of 9.52% and a return on equity of 25.26%. The company had revenue of $6.10 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter last year, the firm posted $1.86 earnings per share. The company’s quarterly revenue was up 58.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 16.37 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, September 2nd. Stockholders of record on Friday, August 20th were given a $1.45 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.35. The ex-dividend date was Thursday, August 19th. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.52%. Cummins’s dividend payout ratio (DPR) is currently 47.62%.

About Cummins

Cummins, Inc designs, manufactures and markets 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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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