Public Employees Retirement System of Ohio Sells 3,462 Shares of Cummins Inc. $CMI

Public Employees Retirement System of Ohio reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,869 shares of the company’s stock after selling 3,462 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Cummins were worth $27,369,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CMI. Valmark Advisers Inc. grew its stake in Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after buying an additional 16 shares in the last quarter. Nicolet Advisory Services LLC lifted its position in shares of Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after acquiring an additional 17 shares in the last quarter. Uhlmann Price Securities LLC boosted its holdings in shares of Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after acquiring an additional 17 shares during the period. Frank Rimerman Advisors LLC boosted its holdings in shares of Cummins by 0.5% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after acquiring an additional 18 shares during the period. Finally, Financial Consulate Inc. grew its position in shares of Cummins by 16.8% in the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after purchasing an additional 18 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CMI. Morgan Stanley boosted their price objective on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Wells Fargo & Company lifted their target price on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Evercore reiterated an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Argus raised their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $740.07.

Cummins Price Performance

NYSE:CMI opened at $663.96 on Friday. Cummins Inc. has a 52-week low of $354.68 and a 52-week high of $737.76. The stock has a fifty day moving average of $672.19 and a 200 day moving average of $619.28. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The firm has a market capitalization of $91.62 billion, a price-to-earnings ratio of 34.46, a P/E/G ratio of 1.62 and a beta of 1.22.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the company earned $5.96 EPS. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, research analysts expect that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.3%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Insiders Place Their Bets

In other news, VP Nathan R. Stoner sold 607 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the transaction, the vice president owned 9,447 shares of the company’s stock, valued at $6,556,784.82. This represents a 6.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Brett Michael Merritt sold 701 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the transaction, the insider directly owned 10,404 shares in the company, valued at $7,165,755. The trade was a 6.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 over the last three months. Corporate insiders own 0.30% of the company’s stock.

Cummins Company 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.