Strs Ohio lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 3.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,065 shares of the company’s stock after selling 298 shares during the period. Strs Ohio’s holdings in Cummins were worth $1,308,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. State Street Corp increased its position in Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock valued at $1,850,515,000 after buying an additional 61,286 shares during the period. Vanguard Group Inc. increased its position in Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock valued at $1,710,973,000 after buying an additional 510,416 shares during the period. BlackRock Inc. increased its position in Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock valued at $1,543,924,000 after buying an additional 9,867,890 shares during the period. American International Group Inc. increased its position in Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock valued at $524,826,000 after buying an additional 59,401 shares during the period. Finally, American Century Companies Inc. increased its position in Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock valued at $398,200,000 after buying an additional 402,929 shares during the period. Hedge funds and other institutional investors own 80.34% of the company’s stock.

Shares of Cummins Inc. (CMI) opened at 155.65 on Friday. The stock’s 50 day moving average is $162.65 and its 200-day moving average is $155.23. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68. The firm has a market cap of $25.99 billion, a PE ratio of 17.59 and a beta of 1.09.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the company earned $2.40 EPS. The company’s revenue was up 12.1% on a year-over-year basis. On average, equities analysts predict that Cummins Inc. will post $7.98 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend is Wednesday, August 16th. This is a positive change from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is currently 46.28%.

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CMI has been the topic of several recent analyst reports. Deutsche Bank AG restated a “sell” rating and set a $154.00 price objective (up previously from $142.00) on shares of Cummins in a report on Wednesday, May 3rd. Royal Bank Of Canada restated a “hold” rating and set a $166.00 price objective on shares of Cummins in a report on Monday, June 5th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Piper Jaffray Companies reiterated a “hold” rating and issued a $159.00 price target on shares of Cummins in a report on Thursday, August 3rd. Finally, Stifel Nicolaus increased their price target on shares of Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $156.21.

In related news, VP Anant Talaulicar sold 1,650 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total transaction of $259,875.00. Following the transaction, the vice president now owns 13,029 shares of the company’s stock, valued at $2,052,067.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Pat Ward sold 14,050 shares of the company’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $163.95, for a total value of $2,303,497.50. Following the transaction, the chief financial officer now directly owns 13,395 shares in the company, valued at approximately $2,196,110.25. The disclosure for this sale can be found here. Insiders have sold 60,969 shares of company stock worth $10,053,755 in the last ninety days. 0.62% of the stock is currently owned by corporate insiders.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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