Principal Financial Group Inc. Reduces Stock Holdings in Cummins Inc. (NYSE:CMI)

Principal Financial Group Inc. decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 967,980 shares of the company’s stock after selling 13,620 shares during the quarter. Principal Financial Group Inc.’s holdings in Cummins were worth $337,438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Global Trust Asset Management LLC increased its stake in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. Compass Financial Services Inc purchased a new stake in shares of Cummins during the fourth quarter worth about $27,000. Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the third quarter worth about $32,000. Ashton Thomas Securities LLC bought a new position in Cummins in the third quarter worth about $55,000. Finally, Friedenthal Financial bought a new position in Cummins in the fourth quarter worth about $55,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Citigroup reduced their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Truist Financial raised their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, StockNews.com cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $383.08.

Cummins Stock Up 1.2 %

NYSE:CMI opened at $373.71 on Monday. The firm has a market capitalization of $51.27 billion, a P/E ratio of 13.27, a PEG ratio of 2.10 and a beta of 1.00. Cummins Inc. has a 1-year low of $259.06 and a 1-year high of $387.90. The company’s fifty day moving average price is $361.09 and its 200-day moving average price is $339.06. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the prior year, the business earned $4.14 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Cummins Company 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.