Public Employees Retirement System of Ohio Decreases Holdings in Cummins Inc. (NYSE:CMI)

Public Employees Retirement System of Ohio cut its holdings in shares of Cummins Inc. (NYSE:CMIFree Report) by 8.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 59,423 shares of the company’s stock after selling 5,572 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Cummins were worth $13,576,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Balentine LLC increased its stake in shares of Cummins by 3.3% in the third quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after buying an additional 127 shares during the period. Allen Mooney & Barnes Investment Advisors LLC purchased a new position in Cummins during the 3rd quarter valued at $9,048,000. Townsend & Associates Inc increased its position in Cummins by 77.9% during the 3rd quarter. Townsend & Associates Inc now owns 34,975 shares of the company’s stock valued at $7,528,000 after purchasing an additional 15,320 shares during the period. Marathon Trading Investment Management LLC purchased a new position in Cummins during the 3rd quarter valued at $2,273,000. Finally, Epoch Investment Partners Inc. increased its position in Cummins by 3.3% during the 2nd quarter. Epoch Investment Partners Inc. now owns 471,959 shares of the company’s stock valued at $115,705,000 after purchasing an additional 15,077 shares during the period. 81.81% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 4.3 %

NYSE CMI opened at $274.84 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The company has a market capitalization of $38.99 billion, a P/E ratio of 53.06, a P/E/G ratio of 1.83 and a beta of 1.03. Cummins Inc. has a one year low of $203.18 and a one year high of $276.92. The stock has a 50 day moving average price of $253.33 and a 200-day moving average price of $237.79.

Cummins (NYSE:CMIGet Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the prior year, the business earned $4.52 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 18.38 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were paid a $1.68 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.45%. Cummins’s payout ratio is 129.73%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CMI. JPMorgan Chase & Co. dropped their target price on shares of Cummins from $255.00 to $245.00 and set an “underweight” rating on the stock in a report on Thursday, January 18th. TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. TD Cowen upped their price target on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Truist Financial assumed coverage on shares of Cummins in a research note on Thursday. They issued a “hold” rating and a $303.00 price target on the stock. Finally, Citigroup upped their price target on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $263.70.

Get Our Latest Research Report on CMI

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now owns 16,899 shares in the company, valued at $4,584,529.71. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock worth $13,576,838 over the last quarter. Company insiders own 1.12% of the company’s stock.

Cummins Profile

(Free Report)

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers 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; and offers parts and services, as well as remanufactured parts and engines.

See Also

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMIFree Report).

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.