Public Employees Retirement System of Ohio Sells 2,781 Shares of Cummins Inc. (NYSE:CMI)

Public Employees Retirement System of Ohio lowered its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 68,392 shares of the company's stock after selling 2,781 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Cummins were worth $23,841,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vise Technologies Inc. lifted its position in Cummins by 112.7% during the fourth quarter. Vise Technologies Inc. now owns 2,714 shares of the company's stock valued at $946,000 after buying an additional 1,438 shares during the period. Orion Capital Management LLC purchased a new position in shares of Cummins in the 4th quarter worth about $85,000. MidWestOne Financial Group Inc. raised its position in shares of Cummins by 5.8% in the 4th quarter. MidWestOne Financial Group Inc. now owns 2,721 shares of the company's stock worth $949,000 after purchasing an additional 150 shares during the last quarter. Focus Partners Advisor Solutions LLC raised its position in shares of Cummins by 53.0% in the 4th quarter. Focus Partners Advisor Solutions LLC now owns 2,504 shares of the company's stock worth $873,000 after purchasing an additional 867 shares during the last quarter. Finally, Principal Street Partners LLC raised its position in shares of Cummins by 1.0% in the 4th quarter. Principal Street Partners LLC now owns 20,900 shares of the company's stock worth $7,286,000 after purchasing an additional 211 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CMI shares. Barclays lifted their price target on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. Citigroup lifted their price target on Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and lowered their price target for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Finally, Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Cummins currently has an average rating of "Hold" and a consensus target price of $357.25.

Insiders Place Their Bets

In other news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares of the company's stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

Shares of NYSE:CMI traded down $2.95 during mid-day trading on Wednesday, reaching $323.31. 449,432 shares of the company traded hands, compared to its average volume of 802,917. The company's 50 day moving average price is $304.20 and its 200-day moving average price is $340.53. The firm has a market cap of $44.54 billion, a PE ratio of 11.48, a PEG ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm's revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.08 EPS. On average, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.25%. Cummins's payout ratio is 36.22%.

Cummins Company 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.