Public Employees Retirement System of Ohio Cuts Stock Position in Cummins Inc. $CMI

Public Employees Retirement System of Ohio cut its position in shares of Cummins Inc. (NYSE:CMI) by 6.4% during the 1st quarter, Holdings Channel.com reports. The firm owned 50,869 shares of the company’s stock after selling 3,462 shares during the period. Public Employees Retirement System of Ohio’s holdings in Cummins were worth $27,369,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Thompson Investment Management Inc. purchased a new stake in Cummins in the fourth quarter worth approximately $26,000. Activest Wealth Management grew its position in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC raised its stake in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins during the fourth quarter worth approximately $27,000. Finally, Key Financial Inc lifted its holdings in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after acquiring an additional 20 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research reports. Argus upped their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Finally, Citigroup lifted their price objective on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $740.07.

Insider Activity

In other news, insider Brett Michael Merritt sold 701 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the sale, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. This represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the sale, the chief accounting officer directly owned 14,084 shares in the company, valued at $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is owned by corporate insiders.

Cummins Stock Down 0.2%

Shares of Cummins stock opened at $663.96 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a 52-week low of $354.68 and a 52-week high of $737.76. The company’s 50 day moving average price is $672.19 and its 200-day moving average price is $619.28. The stock 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 posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $5.96 EPS. Equities research analysts forecast that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

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

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.