PNC Financial Services Group Inc. Has $47.61 Million Position in Cummins Inc. $CMI

PNC Financial Services Group Inc. cut its holdings in Cummins Inc. (NYSE:CMI) by 2.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 112,712 shares of the company’s stock after selling 3,112 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cummins were worth $47,606,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Flagship Wealth Advisors LLC acquired a new stake in Cummins during the 3rd quarter worth approximately $28,000. Osterweis Capital Management Inc. bought a new stake in shares of Cummins during the second quarter worth $31,000. Guerra Advisors Inc bought a new stake in shares of Cummins during the third quarter worth $36,000. Salomon & Ludwin LLC raised its holdings in shares of Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after acquiring an additional 80 shares during the period. Finally, Tripletail Wealth Management LLC bought a new stake in Cummins in the 3rd quarter valued at $39,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Up 2.0%

NYSE:CMI opened at $600.30 on Tuesday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The firm has a market capitalization of $82.94 billion, a price-to-earnings ratio of 29.25, a price-to-earnings-growth ratio of 1.90 and a beta of 1.13. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The stock’s 50 day moving average price is $551.85 and its two-hundred day moving average price is $472.35.

Cummins (NYSE:CMI) last released its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same period last year, the business earned $5.16 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. Cummins’s payout ratio is currently 38.99%.

Insider Transactions at Cummins

In other news, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company’s stock, valued at $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.41% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CMI has been the subject of a number of research reports. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Citigroup upped their price objective on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Wells Fargo & Company lifted their target price on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Finally, JPMorgan Chase & Co. upped their price target on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $588.93.

About Cummins

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.