Pictet Asset Management Holding SA Increases Stock Position in Cummins Inc. (NYSE:CMI)

Pictet Asset Management Holding SA grew its position in shares of Cummins Inc. (NYSE:CMI) by 2.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 150,895 shares of the company’s stock after purchasing an additional 3,936 shares during the period. Pictet Asset Management Holding SA owned approximately 0.11% of Cummins worth $52,602,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Cummins during the 4th quarter valued at approximately $499,490,000. Raymond James Financial Inc. bought a new position in shares of Cummins during the 4th quarter valued at approximately $187,082,000. Vanguard Group Inc. grew its holdings in shares of Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Cummins in the fourth quarter worth $71,279,000. Finally, Amundi lifted its position in Cummins by 32.3% during the fourth quarter. Amundi now owns 771,038 shares of the company’s stock valued at $277,381,000 after purchasing an additional 188,254 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

Shares of CMI stock opened at $313.45 on Friday. The company has a market capitalization of $43.09 billion, a P/E ratio of 11.13, a P/E/G ratio of 2.19 and a beta of 1.01. The company’s 50-day simple moving average is $352.17 and its two-hundred day simple moving average is $348.41. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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. The company had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.14 earnings per share. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.32%. Cummins’s payout ratio is currently 25.84%.

Analyst Ratings Changes

CMI has been the topic of several recent research reports. Truist Financial upped their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. UBS Group decreased their price objective on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Citigroup dropped their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Robert W. Baird increased their price target on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research note on Tuesday, March 18th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $389.50.

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.