Cummins Inc. $CMI Shares Acquired by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA increased its position in shares of Cummins Inc. (NYSE:CMI) by 111.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,957 shares of the company’s stock after buying an additional 98,550 shares during the period. Pictet Asset Management Holding SA’s holdings in Cummins were worth $96,701,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Cummins during the second quarter valued at about $8,204,241,000. Bank of America Corp DE acquired a new position in shares of Cummins in the second quarter worth about $1,408,353,000. Bank of New York Mellon Corp acquired a new position in shares of Cummins in the second quarter worth about $973,198,000. Robeco Institutional Asset Management B.V. lifted its stake in shares of Cummins by 6.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,026,782 shares of the company’s stock worth $530,405,000 after acquiring an additional 62,107 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in Cummins in the second quarter valued at about $666,635,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Key Cummins News

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: AI data-center power demand and a strong order backlog could support growth. However, supply constraints may limit the company’s ability to meet demand. Zacks article
• Neutral Sentiment: Barclays cut its price target to $600 from $675 but maintained an Overweight rating, indicating it still sees potential upside from the referenced share price. Barclays rating information
• Neutral Sentiment: Oppenheimer maintained its Hold rating, while Wells Fargo, Citigroup and Truist also reduced their price targets; the reports provided do not specify the new targets. Oppenheimer rating Wells Fargo target report Citigroup target report Truist target report
• Negative Sentiment: JPMorgan lowered its target sharply, from $600 to $465, and moved to a Neutral rating. The bank’s target is approximately in line with the referenced share price. JPMorgan rating information
• Negative Sentiment: An analysis cited cuts to fair value estimates as analysts trimmed growth and margin expectations. Truck-market weakness is another concern alongside supply constraints. Yahoo Finance article

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CMI shares. Barclays lowered their price objective on Cummins from $675.00 to $600.00 and set an “overweight” rating for the company in a research note on Monday. JPMorgan Chase & Co. cut their target price on Cummins from $600.00 to $465.00 and set a “neutral” rating on the stock in a research report on Friday. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Evercore decreased their price target on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research report on Tuesday, August 11th. Finally, Bank of America dropped their price target on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $662.18.

Cummins Stock Performance

Shares of Cummins stock opened at $466.73 on Tuesday. The firm has a market cap of $64.25 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 1.24 and a beta of 1.26. The firm’s 50-day simple moving average is $524.50 and its 200-day simple moving average is $599.03. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a 1 year low of $443.62 and a 1 year high of $737.76.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, November 5th. The company reported $8.25 EPS for the quarter, topping analysts’ consensus estimates of $8.20 by $0.05. The business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.89 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The company’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period last year, the firm earned $5.59 earnings per share. Equities analysts forecast that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be paid a dividend of $2.20 per share. The ex-dividend date is Friday, November 20th. This represents a $8.80 annualized dividend and a yield of 1.9%. Cummins’s dividend payout ratio is presently 36.73%.

Cummins Profile

Cummins Inc is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications.

The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.

Cummins serves customers in markets around the world through manufacturing operations, distribution networks and service locations.