Pictet Asset Management Holding SA Boosts Position in Cummins Inc. $CMI

Pictet Asset Management Holding SA raised its position in Cummins Inc. (NYSE:CMI) by 11.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 112,055 shares of the company’s stock after purchasing an additional 11,958 shares during the period. Pictet Asset Management Holding SA owned about 0.08% of Cummins worth $60,253,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Thompson Investment Management Inc. purchased a new position in Cummins during the fourth quarter worth $26,000. Activest Wealth Management lifted its position in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new stake in shares of Cummins in the fourth quarter valued at $27,000. Birchwood Financial Partners Inc. acquired a new stake in shares of Cummins during the fourth quarter valued at $28,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in Cummins during the 4th quarter worth about $28,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CMI shares. Truist Financial set a $815.00 price target on shares of Cummins in a report on Wednesday, May 6th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Raymond James Financial lifted their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. UBS Group reiterated a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Finally, Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $731.86.

Insider Buying and Selling at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares in the company, valued at $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Bonnie J. Fetch sold 652 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the sale, the executive vice president owned 11,679 shares in the company, valued at $8,177,519.01. The trade was a 5.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by insiders.

Cummins Price Performance

CMI stock opened at $690.51 on Tuesday. The firm has a market cap of $95.28 billion, a P/E ratio of 35.83, a price-to-earnings-growth ratio of 1.68 and a beta of 1.24. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a 1 year low of $322.45 and a 1 year high of $737.76. The stock has a 50-day simple moving average of $674.01 and a 200-day simple moving average of $599.69.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the previous year, the business posted $5.96 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. On average, equities analysts predict that Cummins Inc. will post 29.31 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio is currently 41.52%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.