Citizens Financial Group Inc. RI Has $9.78 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Citizens Financial Group Inc. RI trimmed its position in Cummins Inc. (NYSE:CMI) by 1.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,216 shares of the company’s stock after selling 595 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Cummins were worth $9,784,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. PFG Investments LLC lifted its position in Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after acquiring an additional 485 shares during the last quarter. CWM LLC boosted its stake in Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the period. Distillate Capital Partners LLC boosted its stake in Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after purchasing an additional 59,027 shares during the period. Manning & Napier Advisors LLC bought a new position in Cummins in the 2nd quarter worth approximately $16,329,000. Finally, Cetera Advisors LLC lifted its holdings in shares of Cummins by 162.9% during the first quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock worth $6,739,000 after buying an additional 14,170 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CMI. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their price target on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Citigroup upped their price objective on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday. Truist Financial lifted their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. upped their price target on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cummins presently has an average rating of “Hold” and an average target price of $337.67.

Cummins Price Performance

Cummins stock opened at $360.95 on Thursday. The company has a market capitalization of $49.52 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. The business has a 50 day simple moving average of $332.94 and a 200 day simple moving average of $303.34. Cummins Inc. has a one year low of $220.02 and a one year high of $370.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the company posted $4.73 EPS. On average, sell-side analysts forecast that Cummins Inc. will post 20.57 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is currently 48.08%.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock worth $9,033,945 in the last three months. Insiders own 0.56% of the company’s stock.

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.