PNC Financial Services Group Inc. increased its stake in shares of Cummins Inc. (NYSE:CMI) by 30.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 655,520 shares of the company’s stock after purchasing an additional 151,369 shares during the period. PNC Financial Services Group Inc. owned approximately 0.39% of Cummins worth $106,338,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the stock. Johanson Financial Advisors Inc. boosted its position in shares of Cummins by 0.4% during the 2nd quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock worth $303,000 after purchasing an additional 7 shares during the period. Good Life Advisors LLC boosted its position in shares of Cummins by 0.6% during the 2nd quarter. Good Life Advisors LLC now owns 1,481 shares of the company’s stock worth $243,000 after purchasing an additional 9 shares during the period. Northwest Quadrant Wealth Management LLC boosted its position in shares of Cummins by 0.5% during the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 2,251 shares of the company’s stock worth $360,000 after purchasing an additional 11 shares during the period. Bessemer Group Inc. boosted its position in shares of Cummins by 1.1% during the 2nd quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock worth $187,000 after purchasing an additional 12 shares during the period. Finally, Alambic Investment Management L.P. boosted its position in shares of Cummins by 0.7% during the 1st quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock worth $365,000 after purchasing an additional 16 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.
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Shares of Cummins Inc. (CMI) traded down 0.87% during midday trading on Friday, hitting $165.23. 2,322,073 shares of the stock were exchanged. The firm has a 50 day moving average of $158.42 and a 200 day moving average of $156.70. Cummins Inc. has a 12-month low of $119.04 and a 12-month high of $170.68. The firm has a market cap of $27.59 billion, a P/E ratio of 18.68 and a beta of 1.10.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by ($0.05). Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter in the prior year, the firm earned $2.40 earnings per share. Cummins’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities analysts forecast that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were paid a $1.08 dividend. The ex-dividend date was Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a dividend yield of 2.61%. Cummins’s dividend payout ratio is 48.76%.
In other news, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the transaction, the director now directly owns 5,814 shares in the company, valued at $925,995.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $164.50, for a total transaction of $658,000.00. Following the completion of the transaction, the insider now owns 41,902 shares of the company’s stock, valued at $6,892,879. The disclosure for this sale can be found here. Insiders sold 58,233 shares of company stock valued at $9,624,355 over the last 90 days. Insiders own 0.62% of the company’s stock.
A number of equities analysts recently weighed in on the stock. Stifel Nicolaus increased their price objective on shares of Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $186.00 price objective for the company in a research report on Friday. Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 price objective on shares of Cummins in a research report on Wednesday, July 12th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $161.00 price objective on shares of Cummins in a research report on Wednesday, July 12th. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Cummins in a research report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $161.15.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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