Cummins Inc. (NYSE:CMI) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in Cummins Inc. (NYSE:CMI - Free Report) by 1.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 954,623 shares of the company's stock after selling 13,357 shares during the period. Principal Financial Group Inc. owned 0.69% of Cummins worth $299,217,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Signaturefd LLC lifted its position in Cummins by 0.9% in the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company's stock valued at $1,155,000 after buying an additional 28 shares during the last quarter. Fiduciary Trust Co increased its stake in Cummins by 1.2% during the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after purchasing an additional 28 shares during the period. Mindset Wealth Management LLC increased its stake in Cummins by 1.7% during the fourth quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock worth $724,000 after purchasing an additional 35 shares during the period. Garrison Point Advisors LLC increased its stake in Cummins by 1.1% during the fourth quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock worth $1,112,000 after purchasing an additional 35 shares during the period. Finally, Ascent Group LLC increased its stake in Cummins by 2.7% during the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company's stock worth $494,000 after purchasing an additional 37 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on CMI shares. Evercore ISI cut their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Morgan Stanley boosted their price target on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Citigroup reiterated a "buy" rating and set a $360.00 price target (up from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, JPMorgan Chase & Co. upped their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $358.08.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director owned 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.41% of the company's stock.

Cummins Stock Down 0.5%

Cummins stock traded down $1.61 during mid-day trading on Friday, hitting $331.83. The company had a trading volume of 549,622 shares, compared to its average volume of 774,012. The stock has a market cap of $45.71 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 2.00 and a beta of 1.03. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The business has a fifty day moving average of $319.53 and a 200 day moving average of $331.54.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The firm's revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the firm posted $5.08 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a $1.82 dividend. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.19%. Cummins's dividend payout ratio is currently 36.22%.

Cummins Company Profile

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.