First Commonwealth Financial Corp PA Sells 45 Shares of Cummins Inc. (NYSE:CMI)

First Commonwealth Financial Corp PA lowered its stake in Cummins Inc. (NYSE:CMI) by 3.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,449 shares of the company’s stock after selling 45 shares during the quarter. First Commonwealth Financial Corp PA’s holdings in Cummins were worth $505,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CMI. Mariner Investment Group LLC bought a new stake in shares of Cummins during the 4th quarter worth approximately $1,046,000. FMR LLC raised its position in Cummins by 5.7% during the fourth quarter. FMR LLC now owns 1,242,362 shares of the company’s stock worth $433,087,000 after acquiring an additional 67,266 shares in the last quarter. National Bank of Canada FI lifted its stake in Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock valued at $28,359,000 after acquiring an additional 3,298 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Cummins by 4.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock valued at $54,876,000 after purchasing an additional 6,107 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 0.3 %

Shares of NYSE CMI opened at $281.37 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The stock’s fifty day moving average is $328.65 and its 200 day moving average is $345.57. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a market capitalization of $38.76 billion, a P/E ratio of 9.99, a PEG ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter last year, the business posted $4.14 EPS. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.59%. Cummins’s dividend payout ratio is currently 25.84%.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. Citigroup lowered their price target on Cummins from $360.00 to $320.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Evercore ISI lifted their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and cut their price objective for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, Morgan Stanley lowered their target price on Cummins from $425.00 to $340.00 and set an “overweight” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus target price of $346.00.

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.