PNC Financial Services Group Inc. Trims Stake in Cummins Inc. $CMI

PNC Financial Services Group Inc. lessened its stake in Cummins Inc. (NYSE:CMI) by 1.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 115,824 shares of the company’s stock after selling 2,282 shares during the period. PNC Financial Services Group Inc. owned about 0.08% of Cummins worth $37,932,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CMI. Accredited Wealth Management LLC purchased a new position in Cummins in the first quarter valued at $31,000. Richardson Financial Services Inc. acquired a new position in shares of Cummins during the 1st quarter worth approximately $39,000. Costello Asset Management INC purchased a new stake in Cummins in the 1st quarter worth $40,000. Wealth Preservation Advisors LLC purchased a new position in Cummins during the first quarter valued at $41,000. Finally, CNB Bank purchased a new stake in shares of Cummins during the second quarter worth about $43,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

Cummins stock opened at $467.79 on Friday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $484.84. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company’s 50 day simple moving average is $427.20 and its 200-day simple moving average is $373.79. The company has a market capitalization of $64.45 billion, a price-to-earnings ratio of 21.99, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same quarter in the previous year, the company earned $5.86 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. Cummins’s dividend payout ratio is 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the transaction, the chief executive officer owned 42,880 shares in the company, valued at $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 38,127 shares of company stock worth $16,993,030. 0.41% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on CMI shares. Wells Fargo & Company assumed coverage on Cummins in a research note on Thursday. They set an “overweight” rating and a $599.00 price objective for the company. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 target price on shares of Cummins in a research note on Friday, November 7th. Finally, Citigroup raised their price objective on shares of Cummins from $500.00 to $530.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Ten research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price of $445.93.

Cummins 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.