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

PNC Financial Services Group Inc. decreased its position in Cummins Inc. (NYSE:CMI) by 2.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 112,712 shares of the company’s stock after selling 3,112 shares during the quarter. PNC Financial Services Group Inc. owned 0.08% of Cummins worth $47,606,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Stock Yards Bank & Trust Co. grew its stake in Cummins by 0.4% during the third quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock worth $2,499,000 after buying an additional 24 shares during the last quarter. Whittier Trust Co. boosted its holdings in shares of Cummins by 0.9% in the 3rd quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock worth $1,154,000 after acquiring an additional 24 shares in the last quarter. Howard Capital Management Inc. boosted its holdings in shares of Cummins by 2.9% in the 3rd quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock worth $365,000 after acquiring an additional 24 shares in the last quarter. BNP Paribas grew its position in Cummins by 1.8% during the 2nd quarter. BNP Paribas now owns 1,422 shares of the company’s stock worth $466,000 after acquiring an additional 25 shares during the last quarter. Finally, Bridges Investment Management Inc. increased its holdings in Cummins by 3.2% during the 3rd quarter. Bridges Investment Management Inc. now owns 845 shares of the company’s stock valued at $357,000 after purchasing an additional 26 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider directly owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This trade represents a 13.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.41% of the company’s stock.

Cummins Stock Up 2.0%

NYSE:CMI opened at $600.30 on Tuesday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98. The stock’s fifty day simple moving average is $551.85 and its 200-day simple moving average is $472.35. The firm has a market capitalization of $82.94 billion, a P/E ratio of 29.25, a P/E/G ratio of 1.90 and a beta of 1.13.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the prior year, the company posted $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 year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. Raymond James Financial boosted their price objective on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Sanford C. Bernstein set a $600.00 price target on shares of Cummins and gave the stock a “market perform” rating in a research report on Friday, February 6th. Morgan Stanley reissued an “overweight” rating and set a $675.00 price objective on shares of Cummins in a report on Friday, February 6th. Finally, Argus set a $696.00 price objective on shares of Cummins in a research report on Tuesday, February 10th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $588.93.

Cummins Company Profile

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.