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

Principal Financial Group Inc. reduced its position in Cummins Inc. (NYSE:CMI) by 1.4% during the third quarter, HoldingsChannel reports. The firm owned 981,600 shares of the company’s stock after selling 13,927 shares during the period. Principal Financial Group Inc.’s holdings in Cummins were worth $317,832,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. Advisory Alpha LLC bought a new stake in Cummins in the first quarter worth approximately $225,000. Empirical Finance LLC boosted its stake in Cummins by 3.4% during the first quarter. Empirical Finance LLC now owns 5,152 shares of the company’s stock worth $1,518,000 after acquiring an additional 170 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Cummins by 22.8% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 5,723 shares of the company’s stock worth $1,686,000 after purchasing an additional 1,061 shares during the period. Quantbot Technologies LP increased its stake in Cummins by 786.0% in the first quarter. Quantbot Technologies LP now owns 13,485 shares of the company’s stock valued at $3,973,000 after purchasing an additional 11,963 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Cummins by 35.9% during the first quarter. Empowered Funds LLC now owns 16,869 shares of the company’s stock valued at $4,970,000 after purchasing an additional 4,454 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CMI. Citigroup raised their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Truist Financial raised their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday. Finally, The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $324.83.

Cummins Stock Down 0.4 %

Cummins stock opened at $354.72 on Friday. The firm’s 50-day simple moving average is $321.21 and its 200 day simple moving average is $298.27. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a fifty-two week low of $214.57 and a fifty-two week high of $370.21. The stock has a market cap of $48.61 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 1.86 and a beta of 0.97.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period in the prior year, the company earned $4.73 earnings per share. Cummins’s revenue was up .3% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 19.96 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.05%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 52.49%.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of Cummins 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 completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, 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 completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 4,780 shares of the 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 completion of the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

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.