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

Principal Financial Group Inc. lessened its holdings in Cummins Inc. (NYSE:CMI) by 1.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 981,600 shares of the company’s stock after selling 13,927 shares during the period. Principal Financial Group Inc. owned 0.72% of Cummins worth $317,832,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins during the 2nd quarter worth about $28,000. Cultivar Capital Inc. acquired a new stake in Cummins during the second quarter worth approximately $28,000. Lynx Investment Advisory acquired a new stake in Cummins during the second quarter worth approximately $29,000. LRI Investments LLC bought a new stake in shares of Cummins during the first quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in shares of Cummins in the third quarter valued at approximately $34,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

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 transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins 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 owns 77,442 shares in the company, valued at approximately $23,870,722.08. 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 is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CMI shares. The Goldman Sachs Group boosted their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday. Truist Financial upped their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Evercore ISI lifted their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Finally, Citigroup lifted their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Two 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. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $324.83.

Cummins Price Performance

Shares of CMI stock opened at $354.72 on Friday. The business has a fifty day simple moving average of $321.21 and a 200 day simple moving average of $298.27. The company has a market cap of $48.61 billion, a P/E ratio of 25.57, a P/E/G ratio of 1.86 and a beta of 0.97. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a twelve month low of $214.57 and a twelve month high of $370.21.

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

Cummins Dividend Announcement

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

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.