PNC Financial Services Group Inc. Cuts Position in Cummins Inc. (NYSE:CMI)

PNC Financial Services Group Inc. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 3.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 118,235 shares of the company’s stock after selling 4,076 shares during the period. PNC Financial Services Group Inc. owned about 0.09% of Cummins worth $41,217,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Mariner Investment Group LLC purchased a new stake in shares of Cummins during the fourth quarter worth approximately $1,046,000. Alpha DNA Investment Management LLC purchased a new stake in shares of Cummins during the third quarter worth approximately $748,000. Franklin Resources Inc. increased its stake in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after buying an additional 99,464 shares during the period. Bank of Montreal Can increased its stake in shares of Cummins by 21.2% during the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after buying an additional 68,627 shares during the period. Finally, Hancock Whitney Corp increased its stake in shares of Cummins by 545.1% during the third quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock worth $12,508,000 after buying an additional 32,642 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of CMI opened at $341.97 on Monday. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm has a market cap of $47.01 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company’s 50 day simple moving average is $361.77 and its 200-day simple moving average is $346.52. Cummins Inc. has a 12-month low of $260.88 and a 12-month high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period last year, the company earned $4.14 earnings per share. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Truist Financial increased their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Citigroup dropped their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and increased their price target for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $386.67.

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.