Cummins Inc. (NYSE:CMI) Shares Acquired by Strs Ohio

Strs Ohio increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 36.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,485 shares of the company’s stock after purchasing an additional 2,271 shares during the quarter. Strs Ohio’s holdings in Cummins were worth $2,032,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after acquiring an additional 2,055,239 shares in the last quarter. Norges Bank acquired a new position in shares of Cummins during the fourth quarter worth about $292,182,000. International Assets Investment Management LLC boosted its position in shares of Cummins by 21,025.8% in the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after buying an additional 731,697 shares during the period. iA Global Asset Management Inc. acquired a new stake in shares of Cummins in the third quarter valued at about $71,268,000. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Cummins by 88.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after buying an additional 274,927 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $287.56 on Friday. The stock has a market capitalization of $39.33 billion, a price-to-earnings ratio of 55.51, a PEG ratio of 1.99 and a beta of 1.04. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24. The company’s 50-day simple moving average is $280.26 and its 200-day simple moving average is $248.36. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.52 EPS. Equities analysts anticipate that Cummins Inc. will post 18.24 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CMI. Morgan Stanley began coverage on Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target for the company. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and raised their price target for the company from $254.00 to $321.00 in a report on Friday, March 15th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $243.00 to $225.00 in a research report on Friday, January 19th. Finally, JPMorgan Chase & Co. lifted their target price on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $279.70.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the sale, the vice president now owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the transaction, the chief executive officer now owns 2,698 shares of the company’s stock, valued at $720,123.18. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 over the last 90 days. Insiders own 0.56% of the company’s stock.

Cummins Profile

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.