Pinnacle Bancorp Inc. Sells 84 Shares of Cummins Inc. (NYSE:CMI)

Pinnacle Bancorp Inc. lowered its stake in Cummins Inc. (NYSE:CMI) by 4.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,645 shares of the company’s stock after selling 84 shares during the quarter. Pinnacle Bancorp Inc.’s holdings in Cummins were worth $516,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Cummins by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock worth $1,174,504,000 after acquiring an additional 84,112 shares in the last quarter. Fisher Asset Management LLC grew its stake in Cummins by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after acquiring an additional 66,887 shares during the period. Northern Trust Corp increased its holdings in shares of Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after acquiring an additional 246,807 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Cummins by 6.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company’s stock worth $566,856,000 after purchasing an additional 99,009 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone purchased 1,000 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director now directly owns 2,441 shares of the company’s stock, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $323.99 on Wednesday. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The firm has a market capitalization of $44.63 billion, a price-to-earnings ratio of 16.12, a PEG ratio of 1.90 and a beta of 1.04. The company’s fifty day moving average price is $312.43 and its 200-day moving average price is $333.79.

Cummins (NYSE:CMI) last announced its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the previous year, the firm posted $5.08 EPS. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Wall Street Analyst Weigh In

CMI has been the subject of several analyst reports. Robert W. Baird lowered their price objective on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and raised their price target for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. JPMorgan Chase & Co. raised their target price on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Finally, Truist Financial dropped their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $358.08.

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.