PNC Financial Services Group Inc. lessened its stake in Cummins Inc. (NYSE:CMI - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,599 shares of the company's stock after selling 2,113 shares during the quarter. PNC Financial Services Group Inc. owned 0.08% of Cummins worth $56,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently modified their holdings of the stock. Frank Rimerman Advisors LLC raised its position in shares of Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company's stock worth $1,908,000 after purchasing an additional 18 shares during the last quarter. Financial Consulate Inc. raised its position in shares of Cummins by 16.8% in the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company's stock worth $64,000 after purchasing an additional 18 shares during the last quarter. Gilbert & Cook Inc. raised its position in Cummins by 1.0% in the 4th quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company's stock worth $947,000 after buying an additional 19 shares during the last quarter. Sound View Wealth Advisors Group LLC raised its position in Cummins by 2.1% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company's stock worth $501,000 after buying an additional 20 shares during the last quarter. Finally, Red Door Wealth Management LLC raised its position in Cummins by 2.3% in the 4th quarter. Red Door Wealth Management LLC now owns 878 shares of the company's stock worth $448,000 after buying an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on the company. Wolfe Research lowered Cummins from an "outperform" rating to a "peer perform" rating and set a $540.00 target price for the company. in a research report on Monday, January 26th. UBS Group set a $565.00 target price on Cummins and gave the stock a "neutral" rating in a research report on Friday, February 6th. Sanford C. Bernstein set a $600.00 target price on Cummins and gave the stock a "market perform" rating in a research report on Friday, February 6th. Evercore reissued an "outperform" rating and issued a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Finally, Raymond James Financial boosted their target price on Cummins from $585.00 to $675.00 and gave the stock an "outperform" rating in a research report on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $677.87.
View Our Latest Analysis on CMI
Cummins Trading Down 4.7%
Cummins stock opened at $638.16 on Friday. The business has a 50-day simple moving average of $610.34 and a two-hundred day simple moving average of $561.99. The company has a market cap of $88.06 billion, a P/E ratio of 33.12, a P/E/G ratio of 1.69 and a beta of 1.27. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.
Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business's quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted $5.96 EPS. Analysts predict that Cummins Inc. will post 28.39 EPS for the current year.
Cummins Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. Cummins's payout ratio is 41.52%.
Insider Activity at Cummins
In related news, VP Marvin Boakye sold 3,481 shares of the business's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the transaction, the vice president directly owned 8,508 shares in the company, valued at approximately $5,784,589.20. The trade was a 29.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Donald G. Jackson sold 1,600 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the transaction, the vice president owned 7,214 shares of the company's stock, valued at approximately $4,329,337.82. This trade represents a 18.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 22,397 shares of company stock worth $14,465,833 in the last quarter. 0.30% of the stock is currently owned by insiders.
About Cummins
(
Free Report)
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.
Further Reading
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