Principal Financial Group Inc. Sells 13,620 Shares of Cummins Inc. (NYSE:CMI)

Principal Financial Group Inc. trimmed its stake in Cummins Inc. (NYSE:CMI - Free Report) by 1.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 967,980 shares of the company's stock after selling 13,620 shares during the period. Principal Financial Group Inc. owned about 0.71% of Cummins worth $337,438,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Global Trust Asset Management LLC grew its holdings in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after acquiring an additional 28 shares during the period. Compass Financial Services Inc acquired a new stake in Cummins during the 4th quarter worth about $27,000. Prospera Private Wealth LLC acquired a new stake in Cummins during the 3rd quarter worth about $32,000. Ashton Thomas Securities LLC acquired a new stake in Cummins during the 3rd quarter worth about $55,000. Finally, Friedenthal Financial acquired a new stake in Cummins during the 4th quarter worth about $55,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Citigroup reduced their target price on Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a research note on Tuesday, January 14th. Vertical Research cut shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Barclays raised their price target on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Evercore ISI raised their price target on shares of Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research report on Wednesday. Finally, StockNews.com cut shares of Cummins from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 6th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $386.67.

Cummins Trading Down 0.3 %

Shares of NYSE CMI traded down $1.34 during trading hours on Thursday, hitting $384.73. The company's stock had a trading volume of 641,033 shares, compared to its average volume of 827,610. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a market cap of $52.89 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 2.16 and a beta of 1.00. Cummins Inc. has a 12 month low of $259.06 and a 12 month high of $387.90. The business has a 50-day simple moving average of $361.24 and a 200-day simple moving average of $340.82.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins's quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the firm earned $4.14 earnings per share. On average, analysts anticipate that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 1.89%. Cummins's payout ratio is 25.84%.

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.