PNC Financial Services Group Inc. Sells 2,113 Shares of Cummins Inc. $CMI

PNC Financial Services Group Inc. cut its holdings in Cummins Inc. (NYSE:CMI) by 1.9% during the fourth quarter, Holdings Channel reports. The firm owned 110,599 shares of the company’s stock after selling 2,113 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cummins were worth $56,455,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Cummins by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after purchasing an additional 98,544 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Cummins by 0.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock worth $649,280,000 after purchasing an additional 7,372 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its holdings in Cummins by 4.5% in the 3rd quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company’s stock worth $640,090,000 after purchasing an additional 64,822 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CMI shares. Wolfe Research cut Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a report on Monday, January 26th. Evercore reissued an “outperform” rating and issued a $845.00 price target on shares of Cummins in a report on Monday, May 11th. UBS Group set a $565.00 price target on Cummins and gave the stock a “neutral” rating in a report on Friday, February 6th. Wall Street Zen cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Finally, Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average target price of $677.87.

Cummins Stock Performance

NYSE:CMI opened at $638.16 on Friday. The stock’s fifty day moving average is $610.34 and its 200 day moving average is $561.99. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08. The firm has a market capitalization of $88.06 billion, a PE ratio of 33.12, a PEG ratio of 1.69 and a beta of 1.27. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the prior year, the firm posted $5.96 EPS. Cummins’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 28.39 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, May 22nd. Cummins’s dividend payout ratio is presently 41.52%.

Insider Activity at Cummins

In related news, VP Nathan R. Stoner sold 607 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the sale, the vice president owned 9,447 shares in the company, valued at approximately $6,556,784.82. This represents a 6.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the sale, the insider owned 10,404 shares in the company, valued at $7,165,755. The trade was a 6.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,397 shares of company stock worth $14,465,833 in the last ninety days. Corporate insiders own 0.30% of the company’s stock.

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.