Principal Financial Group Inc. Sells 365,778 Shares of Cummins Inc. (CMI)

Principal Financial Group Inc. lowered its stake in Cummins Inc. (NYSE:CMI) by 43.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 467,174 shares of the company’s stock after selling 365,778 shares during the period. Principal Financial Group Inc. owned approximately 0.28% of Cummins worth $75,724,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CMI. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Cummins in the fourth quarter valued at approximately $210,124,000. BlackRock Inc. increased its holdings in shares of Cummins by 8.3% in the fourth quarter. BlackRock Inc. now owns 11,675,250 shares of the company’s stock valued at $2,062,319,000 after purchasing an additional 898,512 shares during the period. UBS Asset Management Americas Inc. increased its holdings in shares of Cummins by 107.0% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,186,164 shares of the company’s stock valued at $209,524,000 after purchasing an additional 613,102 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Cummins by 272.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 639,800 shares of the company’s stock valued at $113,014,000 after purchasing an additional 468,200 shares during the period. Finally, Two Sigma Advisers LP increased its holdings in shares of Cummins by 50.6% in the fourth quarter. Two Sigma Advisers LP now owns 1,182,982 shares of the company’s stock valued at $208,962,000 after purchasing an additional 397,247 shares during the period. 81.28% of the stock is currently owned by institutional investors and hedge funds.

CMI opened at $143.68 on Friday. The company has a current ratio of 1.58, a quick ratio of 0.99 and a debt-to-equity ratio of 0.19. The firm has a market cap of $23.67 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 0.97 and a beta of 1.18. Cummins Inc. has a one year low of $140.60 and a one year high of $194.18.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 1st. The company reported $3.30 EPS for the quarter, topping the Zacks’ consensus estimate of $2.91 by $0.39. The company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cummins had a return on equity of 23.47% and a net margin of 4.33%. Cummins’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.36 earnings per share. equities analysts anticipate that Cummins Inc. will post 13.63 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, June 1st. Shareholders of record on Friday, May 18th were given a dividend of $1.08 per share. The ex-dividend date of this dividend was Thursday, May 17th. This represents a $4.32 dividend on an annualized basis and a yield of 3.01%. Cummins’s payout ratio is 40.68%.

A number of research firms have recently issued reports on CMI. Morgan Stanley set a $165.00 target price on Cummins and gave the company a “hold” rating in a report on Monday, May 7th. Argus dropped their target price on Cummins to $175.00 and set a “buy” rating on the stock in a report on Friday, May 11th. They noted that the move was a valuation call. William Blair reissued a “hold” rating on shares of Cummins in a report on Tuesday, February 13th. Piper Jaffray Companies set a $164.00 price objective on Cummins and gave the stock a “hold” rating in a report on Thursday, April 5th. Finally, Buckingham Research lowered Cummins from a “buy” rating to a “neutral” rating and set a $195.00 price objective on the stock. in a report on Wednesday, May 2nd. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and three have issued a buy rating to the company’s stock. Cummins has a consensus rating of “Hold” and a consensus target price of $171.45.

About Cummins

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.

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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