PNC Financial Services Group Inc. grew its position in shares of Cummins Inc. (NYSE:CMI – Free Report) by 22.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 135,724 shares of the company’s stock after buying an additional 25,125 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cummins were worth $73,022,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Thompson Investment Management Inc. acquired a new position in Cummins during the 4th quarter worth approximately $26,000. Activest Wealth Management lifted its holdings in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares during the period. Cedar Mountain Advisors LLC boosted its stake in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after buying an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in Cummins during the fourth quarter worth $27,000. Finally, Kemnay Advisory Services Inc. purchased a new position in Cummins in the fourth quarter worth $28,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.
Insider Transactions at Cummins
In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $685.34, for a total value of $1,650,298.72. Following the transaction, the chief accounting officer directly owned 14,084 shares in the company, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the sale, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 in the last ninety days. Company insiders own 0.30% of the company’s stock.
Cummins Trading Up 0.6%
Cummins (NYSE:CMI – Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.96 EPS. Equities analysts forecast that Cummins Inc. will post 29.39 EPS for the current fiscal year.
Cummins Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.3%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is 45.67%.
Wall Street Analyst Weigh In
CMI has been the topic of a number of recent analyst reports. Citigroup upped their price target on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Robert W. Baird set a $700.00 target price on shares of Cummins in a research report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company upped their price target on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and an average target price of $740.07.
Get Our Latest Stock Analysis on CMI
Cummins Company Profile
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.
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