PNC Financial Services Group Inc. Has $73.02 Million Holdings in Cummins Inc. $CMI

PNC Financial Services Group Inc. lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 22.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 135,724 shares of the company’s stock after buying an additional 25,125 shares during the quarter. PNC Financial Services Group Inc. owned about 0.10% of Cummins worth $73,022,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CMI. Juno Financial Group LLC purchased a new stake in shares of Cummins during the fourth quarter worth $883,000. Truist Financial Corp boosted its holdings in Cummins by 4.8% in the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after purchasing an additional 2,951 shares during the period. Smith Salley Wealth Management grew its stake in Cummins by 1,381.8% during the 4th quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock worth $11,111,000 after purchasing an additional 20,299 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in Cummins during the 4th quarter worth $7,797,000. Finally, Comprehensive Financial Consultants Institutional Inc. increased its holdings in Cummins by 643.0% during the 4th quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company’s stock worth $3,732,000 after purchasing an additional 6,327 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of CMI opened at $664.71 on Friday. Cummins Inc. has a 1-year low of $354.68 and a 1-year high of $737.76. The stock has a market cap of $91.72 billion, a PE ratio of 34.49, a price-to-earnings-growth ratio of 1.61 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a fifty day moving average price of $672.88 and a 200 day moving average price of $618.96.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the company posted $5.96 earnings per share. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a $2.20 dividend. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is presently 45.67%.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of analyst reports. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Barclays lifted their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Morgan Stanley increased their price objective on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company increased their target price on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $740.07.

Insiders Place Their Bets

In other news, VP Nathan R. Stoner sold 607 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the transaction, the vice president directly owned 9,447 shares in the company, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the transaction, the executive vice president directly owned 11,679 shares in the company, valued at $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is owned by insiders.

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.