PNC Financial Services Group Inc. Sells 129 Shares of Cummins Inc. (NYSE:CMI)

PNC Financial Services Group Inc. trimmed its holdings in Cummins Inc. (NYSE:CMI) by 0.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 118,106 shares of the company’s stock after selling 129 shares during the period. PNC Financial Services Group Inc.’s holdings in Cummins were worth $37,019,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in CMI. Olde Wealth Management LLC bought a new position in Cummins during the 1st quarter worth $30,000. Capital A Wealth Management LLC bought a new stake in shares of Cummins during the 4th quarter valued at $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Cummins during the 1st quarter worth $37,000. Richardson Financial Services Inc. bought a new position in shares of Cummins in the first quarter worth $39,000. Finally, Ritter Daniher Financial Advisory LLC DE raised its stake in Cummins by 316.7% in the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 125 shares of the company’s stock valued at $44,000 after purchasing an additional 95 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

NYSE CMI opened at $355.86 on Monday. The firm’s fifty day moving average price is $334.30 and its two-hundred day moving average price is $330.82. The stock has a market cap of $49.02 billion, a PE ratio of 17.70, a PEG ratio of 1.98 and a beta of 1.02. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share 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 the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the business posted $5.08 EPS. On average, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.2%. Cummins’s payout ratio is 36.22%.

Insider Activity at Cummins

In other news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction dated Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director owned 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CMI shares. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and upped their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Citigroup reissued a “buy” rating and issued a $360.00 price objective (up from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Truist Financial lowered their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Finally, Barclays upped their target price on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research note on Monday, July 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $361.92.

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.