Cummins Inc. (NYSE:CMI) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio decreased its stake in Cummins Inc. (NYSE:CMI - Free Report) by 7.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 71,173 shares of the company's stock after selling 5,501 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.05% of Cummins worth $23,045,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. State Street Corp increased its holdings in Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company's stock worth $2,039,894,000 after acquiring an additional 126,703 shares in the last quarter. Fisher Asset Management LLC boosted its position in Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after acquiring an additional 165,398 shares during the last quarter. Pathway Financial Advisers LLC boosted its position in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock worth $819,794,000 after acquiring an additional 2,523,854 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company's stock valued at $469,869,000 after acquiring an additional 26,977 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Cummins by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company's stock worth $468,503,000 after purchasing an additional 31,190 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Down 1.4 %

Shares of Cummins stock traded down $5.55 during trading hours on Tuesday, reaching $377.87. 641,313 shares of the company were exchanged, compared to its average volume of 1,419,781. The stock's fifty day moving average is $349.67 and its 200 day moving average is $311.38. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $387.90. The firm has a market cap of $51.84 billion, a PE ratio of 24.95, a PEG ratio of 1.84 and a beta of 0.99.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business's quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.73 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date was Friday, November 22nd. Cummins's dividend payout ratio (DPR) is currently 48.08%.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company's stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 6,489 shares of company stock worth $2,357,531. Insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Citigroup raised their target price on Cummins from $415.00 to $435.00 and gave the stock a "buy" rating in a research note on Monday. Jefferies Financial Group lifted their price target on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research report on Friday. StockNews.com raised Cummins from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, November 6th. Robert W. Baird boosted their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group increased their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $352.85.

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.