Union Bancaire Privee UBP SA Cuts Stake in Cummins Inc. $CMI

Union Bancaire Privee UBP SA cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 10.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,599 shares of the company’s stock after selling 2,353 shares during the quarter. Union Bancaire Privee UBP SA’s holdings in Cummins were worth $10,515,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its holdings in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the period. Intech Investment Management LLC raised its position in Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after purchasing an additional 1,146 shares in the last quarter. Avantax Advisory Services Inc. raised its position in Cummins by 6.7% in the 2nd quarter. Avantax Advisory Services Inc. now owns 9,291 shares of the company’s stock valued at $3,043,000 after purchasing an additional 580 shares in the last quarter. TD Waterhouse Canada Inc. boosted its stake in shares of Cummins by 8.2% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 5,293 shares of the company’s stock valued at $1,743,000 after buying an additional 401 shares during the period. Finally, Empirical Finance LLC grew its position in shares of Cummins by 0.7% during the second quarter. Empirical Finance LLC now owns 4,919 shares of the company’s stock worth $1,611,000 after buying an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CMI shares. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Truist Financial reiterated a “buy” rating and set a $703.00 price target (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Citigroup raised their price objective on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Finally, Wall Street Zen downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $588.93.

Cummins Stock Down 0.8%

CMI stock opened at $538.94 on Friday. The stock has a market cap of $74.46 billion, a P/E ratio of 26.26, a PEG ratio of 1.72 and a beta of 1.12. 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 twelve month low of $260.02 and a twelve month high of $617.98. The company’s 50 day moving average is $574.25 and its two-hundred day moving average is $499.20.

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

Cummins Dividend Announcement

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

Insider Buying and Selling at Cummins

In related news, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company’s stock, valued at $20,446,495.30. This represents a 34.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Earl Newsome sold 1,300 shares of the firm’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 owned 3,389 shares in the company, valued at $1,978,057.63. This represents a 27.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 31,195 shares of company stock valued at $18,397,489. 0.41% of the stock is owned by insiders.

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.