Cummins Inc. (NYSE:CMI) Stock Position Cut by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 122,311 shares of the company's stock after selling 1,453 shares during the period. PNC Financial Services Group Inc. owned about 0.09% of Cummins worth $39,603,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Pathway Financial Advisers LLC raised its position in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company's stock valued at $315,616,000 after acquiring an additional 972,247 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company's stock worth $2,342,001,000 after purchasing an additional 604,735 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new position in Cummins in the 2nd quarter valued at about $68,018,000. Finally, SG Americas Securities LLC raised its position in shares of Cummins by 1,012.0% in the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company's stock valued at $54,574,000 after buying an additional 179,346 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CMI shares. Citigroup raised their price objective on Cummins from $375.00 to $415.00 and gave the stock a "buy" rating in a report on Wednesday. The Goldman Sachs Group lifted their target price on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. Vertical Research lowered shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. StockNews.com upgraded Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $337.67.

Cummins Stock Performance

CMI stock opened at $360.95 on Thursday. The stock's 50 day simple moving average is $332.94 and its 200 day simple moving average is $303.34. Cummins Inc. has a 12-month low of $220.02 and a 12-month high of $370.21. The firm has a market cap of $49.52 billion, a P/E ratio of 23.84, a P/E/G ratio of 1.77 and a beta of 0.97. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the firm posted $4.73 EPS. The company's revenue for the quarter was up .3% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Friday, November 22nd. Cummins's dividend payout ratio (DPR) is presently 48.08%.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the sale, the vice president now directly owns 20,803 shares of the company's stock, valued at $7,456,419.29. This trade represents a 8.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the business's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company's stock, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,576 shares of company stock worth $9,033,945. 0.56% of the stock is currently owned by company insiders.

Cummins Profile

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.