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

PNC Financial Services Group Inc. cut its position in Cummins Inc. (NYSE:CMI) by 1.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 115,824 shares of the company’s stock after selling 2,282 shares during the period. PNC Financial Services Group Inc.’s holdings in Cummins were worth $37,932,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of CMI. Raymond James Financial Inc. boosted its position in shares of Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after acquiring an additional 817,384 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after acquiring an additional 424,294 shares in the last quarter. Nuveen LLC purchased a new stake in Cummins during the first quarter worth approximately $109,120,000. Vanguard Group Inc. lifted its stake in Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after purchasing an additional 321,823 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Cummins by 74.2% in the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock valued at $234,907,000 after purchasing an additional 319,277 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other news, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director owned 5,227 shares in the company, valued at $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $2,165,677.30. Following the completion of the transaction, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 38,127 shares of company stock worth $16,993,030. 0.41% of the stock is currently owned by company insiders.

Cummins Price Performance

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

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business’s revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the company posted $5.86 earnings per share. On average, analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

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

Analyst Ratings Changes

A number of analysts have weighed in on CMI shares. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Wells Fargo & Company started coverage on shares of Cummins in a research note on Thursday. They issued an “overweight” rating and a $599.00 price objective for the company. Citigroup lifted their target price on Cummins from $500.00 to $530.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Ten analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $445.93.

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.