Public Employees Retirement System of Ohio Sells 6,220 Shares of Cummins Inc. (NYSE:CMI)

Public Employees Retirement System of Ohio reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 8.2% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 69,788 shares of the company’s stock after selling 6,220 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Cummins were worth $20,563,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CMI. Norges Bank bought a new position in Cummins during the fourth quarter valued at about $298,867,000. International Assets Investment Management LLC increased its stake 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 purchasing an additional 731,697 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Cummins by 129.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock worth $71,153,000 after purchasing an additional 167,485 shares during the period. Finally, Pinebridge Investments L.P. increased its stake in shares of Cummins by 1,050.5% in the fourth quarter. Pinebridge Investments L.P. now owns 162,955 shares of the company’s stock worth $39,039,000 after purchasing an additional 148,791 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. TD Cowen lifted their price objective on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. The Goldman Sachs Group lifted their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Citigroup assumed coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Truist Financial dropped their price objective on Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a research note on Tuesday, July 2nd. Finally, Raymond James assumed coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $287.18.

Cummins Stock Up 0.3 %

NYSE CMI opened at $291.20 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The stock’s 50 day moving average is $279.37 and its two-hundred day moving average is $275.31. The company has a market capitalization of $39.83 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 1.83 and a beta of 0.99. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. Equities analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.50%. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s payout ratio is presently 49.19%.

Insider Transactions at Cummins

In other Cummins news, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction dated Friday, May 24th. The shares were acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the acquisition, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the acquisition, the vice president now directly owns 1,262 shares in the company, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is owned by company insiders.

About Cummins

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.