Strs Ohio Sells 3,614 Shares of Cummins Inc. $CMI

Strs Ohio lowered its stake in Cummins Inc. (NYSE:CMI) by 5.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 67,691 shares of the company’s stock after selling 3,614 shares during the quarter. Strs Ohio’s holdings in Cummins were worth $22,169,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Olde Wealth Management LLC bought a new position in shares of Cummins during the first quarter valued at approximately $30,000. Accredited Wealth Management LLC bought a new position in shares of Cummins during the first quarter valued at approximately $31,000. Richardson Financial Services Inc. bought a new position in shares of Cummins during the first quarter valued at approximately $39,000. Costello Asset Management INC bought a new position in shares of Cummins during the first quarter valued at approximately $40,000. Finally, Wealth Preservation Advisors LLC bought a new position in shares of Cummins during the first quarter valued at approximately $41,000. Institutional investors own 83.46% of the company’s stock.

Insider Activity

In other news, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at $13,873,972.60. The trade was a 20.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 43,319 shares of company stock valued at $17,764,105. 0.41% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CMI. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Barclays upped their target price on Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a report on Monday, October 20th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a report on Monday, August 11th. Finally, Robert W. Baird increased their price objective on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $410.50.

Cummins Price Performance

CMI opened at $438.34 on Friday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $449.21. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The stock has a fifty day simple moving average of $415.90 and a two-hundred day simple moving average of $362.73. The company has a market cap of $60.40 billion, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period last year, the company earned $5.26 earnings per share. The company’s revenue was down 1.7% on a year-over-year basis. Research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

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.