PNC Financial Services Group Inc. reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 57.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 232,177 shares of the company’s stock after selling 313,810 shares during the quarter. PNC Financial Services Group Inc. owned 0.14% of Cummins worth $33,913,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Edge Wealth Management LLC acquired a new position in Cummins during the 3rd quarter valued at $102,000. Moloney Securities Asset Management LLC acquired a new position in Cummins during the 3rd quarter valued at $222,000. ProVise Management Group LLC acquired a new position in Cummins during the 2nd quarter valued at $233,000. Verity & Verity LLC raised its stake in Cummins by 13.6% during the 3rd quarter. Verity & Verity LLC now owns 22,560 shares of the company’s stock valued at $3,295,000 after purchasing an additional 2,706 shares during the last quarter. Finally, Bridgewater Associates LP acquired a new position in Cummins during the 2nd quarter valued at $31,290,000. Hedge funds and other institutional investors own 82.51% of the company’s stock.
Shares of Cummins stock opened at $144.81 on Friday. The firm has a market capitalization of $23.25 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 0.79 and a beta of 1.16. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 1.54. Cummins Inc. has a 52-week low of $124.72 and a 52-week high of $194.18.
Cummins announced that its board has authorized a stock buyback program on Tuesday, October 9th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 8.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th will be issued a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Wednesday, November 14th. Cummins’s payout ratio is 42.94%.
In other news, Director Franklin R. Changdiaz sold 595 shares of the company’s stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $147.86, for a total value of $87,976.70. Following the sale, the director now owns 6,157 shares of the company’s stock, valued at approximately $910,374.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Mark Andrew Smith sold 501 shares of the company’s stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of $153.27, for a total transaction of $76,788.27. Following the completion of the sale, the vice president now directly owns 4,463 shares in the company, valued at approximately $684,044.01. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,090 shares of company stock worth $4,062,754. 0.62% of the stock is owned by insiders.
Several equities analysts recently commented on CMI shares. JPMorgan Chase & Co. cut shares of Cummins from a “neutral” rating to an “underweight” rating and cut their target price for the company from $156.00 to $137.00 in a research note on Friday, August 24th. Wells Fargo & Co set a $158.00 target price on shares of Cummins and gave the company a “hold” rating in a research note on Wednesday, August 1st. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Monday, September 3rd. Loop Capital started coverage on shares of Cummins in a report on Wednesday, October 17th. They issued a “buy” rating and a $170.00 price target on the stock. Finally, ValuEngine raised shares of Cummins from a “strong sell” rating to a “sell” rating in a report on Friday, September 21st. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $163.70.
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Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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