Pinnacle Wealth Management Advisory Group LLC Sells 130 Shares of Cummins Inc. $CMI

Pinnacle Wealth Management Advisory Group LLC reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,525 shares of the company’s stock after selling 130 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Cummins were worth $1,482,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. boosted its holdings in Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after purchasing an additional 817,384 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Cummins by 70.9% in the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after buying an additional 424,294 shares in the last quarter. Nuveen LLC bought a new position in shares of Cummins during the 1st quarter worth approximately $109,120,000. Vanguard Group Inc. boosted its stake in Cummins by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after buying an additional 321,823 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Cummins by 74.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock valued at $234,907,000 after buying an additional 319,277 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $474.10 on Friday. The stock has a 50-day simple moving average of $420.80 and a 200 day simple moving average of $369.17. The stock has a market capitalization of $65.32 billion, a price-to-earnings ratio of 22.29, a P/E/G ratio of 2.05 and a beta of 1.07. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $482.53.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same quarter in the prior year, the firm earned $5.86 EPS. The company’s revenue was down 1.6% on a year-over-year basis. On average, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.7%. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Analyst Ratings Changes

Several research firms have issued reports on CMI. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a report on Monday, August 11th. Citigroup lifted their price target on shares of Cummins from $500.00 to $530.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Finally, Truist Financial raised their price objective on shares of Cummins from $434.00 to $522.00 and gave the stock a “hold” rating in a report on Friday. Ten equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $428.93.

Insider Activity at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the transaction, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 37,949 shares of company stock worth $15,674,705. Company insiders own 0.41% of the company’s stock.

About Cummins

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.