Strs Ohio Has $30.27 Million Position in Cummins Inc. $CMI

Strs Ohio lifted its holdings in Cummins Inc. (NYSE:CMI) by 4.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 59,297 shares of the company’s stock after buying an additional 2,406 shares during the period. Strs Ohio’s holdings in Cummins were worth $30,268,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. SevenBridge Financial Group LLC lifted its stake in Cummins by 6.0% in the fourth quarter. SevenBridge Financial Group LLC now owns 11,765 shares of the company’s stock valued at $6,005,000 after buying an additional 663 shares during the period. Caisse Des Depots ET Consignations acquired a new stake in shares of Cummins during the 4th quarter worth approximately $1,951,000. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of Cummins during the 4th quarter worth approximately $96,497,000. Horizon Investments LLC increased its stake in shares of Cummins by 20.1% in the 4th quarter. Horizon Investments LLC now owns 12,604 shares of the company’s stock valued at $6,434,000 after acquiring an additional 2,107 shares in the last quarter. Finally, Robertson Stephens Wealth Management LLC lifted its position in shares of Cummins by 3.8% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 704 shares of the company’s stock valued at $359,000 after acquiring an additional 26 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares in the company, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jennifer Mary Bush sold 4,270 shares of the company’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 value of $2,497,651.10. Following the completion of the transaction, the vice president directly owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. This represents a 22.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 31,195 shares of company stock worth $18,397,489. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 target price on shares of Cummins in a research report on Friday, February 6th. Argus set a $696.00 price target on Cummins in a report on Tuesday, February 10th. Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price on the stock. in a research report on Monday, January 26th. Finally, Truist Financial lifted their price target on shares of Cummins from $703.00 to $730.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $600.27.

Cummins Stock Performance

Shares of CMI opened at $657.42 on Friday. The firm has a market capitalization of $90.83 billion, a P/E ratio of 32.04, a P/E/G ratio of 2.08 and a beta of 1.27. Cummins Inc. has a 52 week low of $290.73 and a 52 week high of $674.75. The stock has a 50 day moving average price of $581.03 and a two-hundred day moving average price of $536.95. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The company had revenue of $8.54 billion for 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%.The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the company earned $5.16 earnings per share. Equities analysts forecast that Cummins Inc. will post 26.05 earnings per share for the current fiscal year.

Cummins Announces Dividend

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

About Cummins

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.