Principal Financial Group Inc. Sells 13,927 Shares of Cummins Inc. (NYSE:CMI)

Principal Financial Group Inc. cut its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 981,600 shares of the company's stock after selling 13,927 shares during the period. Principal Financial Group Inc. owned about 0.72% of Cummins worth $317,832,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Graypoint LLC increased its stake in shares of Cummins by 11.3% in the 3rd quarter. Graypoint LLC now owns 1,838 shares of the company's stock valued at $595,000 after buying an additional 187 shares during the period. Forte Capital LLC ADV grew its position in shares of Cummins by 2.1% in the 3rd quarter. Forte Capital LLC ADV now owns 7,787 shares of the company's stock valued at $2,521,000 after purchasing an additional 157 shares during the period. Two Point Capital Management Inc. increased its stake in Cummins by 1.3% during the 3rd quarter. Two Point Capital Management Inc. now owns 33,235 shares of the company's stock worth $10,761,000 after purchasing an additional 416 shares in the last quarter. Catalina Capital Group LLC raised its holdings in Cummins by 4.6% during the 3rd quarter. Catalina Capital Group LLC now owns 1,119 shares of the company's stock worth $362,000 after buying an additional 49 shares during the period. Finally, Avidian Wealth Enterprises LLC acquired a new position in shares of Cummins in the third quarter valued at approximately $230,000. Institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

Cummins stock traded down $0.37 during trading hours on Friday, hitting $354.35. The company had a trading volume of 388,220 shares, compared to its average volume of 1,499,225. Cummins Inc. has a one year low of $214.57 and a one year high of $370.21. The firm has a market cap of $48.56 billion, a PE ratio of 25.57, a PEG ratio of 1.86 and a beta of 0.97. The firm has a 50-day moving average of $321.21 and a 200 day moving average of $298.27. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.29 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm's revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm posted $4.73 EPS. On average, sell-side analysts expect that Cummins Inc. will post 19.96 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins's dividend payout ratio is 52.49%.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of the firm's stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the company's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company's stock, valued at $23,870,722.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on CMI. Evercore ISI boosted their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an "in-line" rating in a research report on Monday, August 19th. Truist Financial increased their price objective on Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a report on Wednesday, October 9th. The Goldman Sachs Group boosted their target price on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a research note on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a research note on Friday, October 11th. Finally, Robert W. Baird boosted their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $324.83.

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.