Swiss Life Asset Management Ltd Acquires 4,848 Shares of Cummins Inc. $CMI

Swiss Life Asset Management Ltd boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 14.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,950 shares of the company’s stock after purchasing an additional 4,848 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in Cummins were worth $16,451,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CMI. Flagship Wealth Advisors LLC acquired a new stake in shares of Cummins during the 3rd quarter worth about $28,000. Salomon & Ludwin LLC grew its stake in Cummins by 1,333.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after buying an additional 80 shares during the last quarter. Guerra Advisors Inc bought a new stake in shares of Cummins during the third quarter worth approximately $36,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Cummins in the third quarter valued at approximately $37,000. Finally, Tripletail Wealth Management LLC bought a new position in shares of Cummins during the third quarter worth approximately $39,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cummins news, VP Earl Newsome sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the transaction, the vice president directly owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. The trade was a 27.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the transaction, the vice president owned 7,214 shares in the company, valued at $4,329,337.82. The trade was a 18.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 31,195 shares of company stock worth $18,397,489. 0.41% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on CMI shares. Argus set a $696.00 target price on shares of Cummins in a research report on Tuesday, February 10th. Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a research note on Friday, February 6th. Barclays boosted their target price on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. JPMorgan Chase & Co. increased their target price on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Finally, Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a report on Monday, January 26th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Cummins Stock Performance

NYSE:CMI opened at $538.94 on Friday. The stock has a market cap of $74.46 billion, a P/E ratio of 26.26, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12. The stock’s 50-day moving average is $574.25 and its 200-day moving average is $499.20. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the prior year, the business posted $5.16 earnings per share. Cummins’s quarterly revenue was up 1.1% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. Cummins’s dividend payout ratio is 38.99%.

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.