Strs Ohio Acquires 2,406 Shares of Cummins Inc. $CMI

Key Points

• Strs Ohio raised its stake in Cummins by 4.2%, purchasing 2,406 shares to hold 59,297 shares valued at about $30.27 million per its latest 13F filing.
• Cummins beat Q4 estimates, posting $5.81 EPS vs. $5.17 expected and $8.54B revenue vs. $8.09B, with the stock trading near its 12‑month high and a market cap of roughly $90.8B.
• Insiders have been net sellers, disposing of 31,195 shares (~$18.4M) over the past 90 days while institutional investors own 83.46% of the company and insiders hold 0.30%.

Strs Ohio raised its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 4.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 59,297 shares of the company's stock after purchasing an additional 2,406 shares during the quarter. Strs Ohio's holdings in Cummins were worth $30,268,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CMI. Boston Partners bought a new stake in shares of Cummins during the 3rd quarter worth $473,471,000. London Co. of Virginia bought a new position in Cummins in the third quarter valued at about $231,732,000. Bank of New York Mellon Corp raised its stake in Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company's stock worth $612,715,000 after acquiring an additional 488,430 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company's stock worth $280,397,000 after acquiring an additional 278,350 shares during the last quarter. Finally, Merewether Investment Management LP acquired a new stake in shares of Cummins in the 3rd quarter valued at approximately $91,147,000. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of the firm's stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the transaction, the vice president owned 15,130 shares in the company, valued at approximately $8,849,990.90. This trade represents a 22.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 4,054 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the transaction, the vice president owned 15,807 shares in the company, valued at $8,873,101.38. This trade represents a 20.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,195 shares of company stock valued at $18,397,489 over the last 90 days. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CMI shares. Wall Street Zen lowered shares of Cummins from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. Zacks Research lowered shares of Cummins from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 28th. Wolfe Research cut shares of Cummins from an "outperform" rating to a "peer perform" rating and set a $540.00 target price on the stock. in a research note on Monday, January 26th. Robert W. Baird set a $580.00 price target on shares of Cummins in a report on Friday, February 6th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Cummins in a research note on Friday, April 10th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $600.27.

Cummins Stock Performance

Shares of Cummins stock opened at $657.42 on Friday. The stock has a market cap of $90.83 billion, a price-to-earnings ratio of 32.04, a P/E/G ratio of 2.08 and a beta of 1.27. Cummins Inc. has a twelve month low of $290.73 and a twelve month high of $674.75. The company's fifty day moving average is $581.03 and its 200 day moving average is $536.95. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.Cummins's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the company earned $5.16 EPS. Sell-side analysts forecast that Cummins Inc. will post 26.05 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Friday, February 20th. Cummins's dividend payout ratio (DPR) is 38.99%.

Cummins Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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