Zurcher Kantonalbank Zurich Cantonalbank Has $48.99 Million Stake in Cummins Inc. (NYSE:CMI)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Cummins Inc. (NYSE:CMI) by 0.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 151,312 shares of the company’s stock after purchasing an additional 117 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.11% of Cummins worth $48,993,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CMI. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares during the period. Pathway Financial Advisers LLC lifted its position in Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after acquiring an additional 2,523,854 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Cummins by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after acquiring an additional 26,977 shares during the period. Legal & General Group Plc grew its position in shares of Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after purchasing an additional 31,190 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Cummins by 0.8% in the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the topic of a number of research analyst reports. Truist Financial raised their target price on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Citigroup boosted their price objective on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Finally, Barclays raised their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $337.67.

Cummins Stock Performance

Shares of Cummins stock opened at $371.03 on Friday. The firm has a market cap of $50.90 billion, a P/E ratio of 24.51, a P/E/G ratio of 1.82 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The firm has a 50 day simple moving average of $341.43 and a 200 day simple moving average of $306.67. Cummins Inc. has a fifty-two week low of $222.75 and a fifty-two week high of $379.66.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter last year, the business earned $4.73 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is presently 48.08%.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 over the last three months. 0.56% of the stock is currently owned by corporate insiders.

About Cummins

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.