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 third quarter, Holdings Channel.com reports. The firm owned 151,312 shares of the company’s stock after purchasing an additional 117 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cummins were worth $48,993,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins during the 2nd quarter worth approximately $28,000. Cultivar Capital Inc. acquired a new position in Cummins during the second quarter worth $28,000. Lynx Investment Advisory bought a new position in Cummins in the second quarter valued at $29,000. LRI Investments LLC acquired a new stake in Cummins in the 1st quarter valued at $31,000. Finally, Prospera Private Wealth LLC bought a new stake in Cummins during the 3rd quarter worth about $32,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 1.7 %

NYSE CMI opened at $371.03 on Friday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market cap of $50.90 billion, a price-to-earnings ratio of 24.51, a PEG ratio of 1.82 and a beta of 0.97. The company has a 50 day moving average of $341.43 and a 200-day moving average of $306.67. Cummins Inc. has a 1-year low of $222.75 and a 1-year high of $379.66.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the company posted $4.73 EPS. The company’s revenue was up .3% compared to the same quarter last year. On average, equities research analysts expect 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. Stockholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend 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 other Cummins news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent research reports. Truist Financial lifted their target price on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Citigroup upped their price objective on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Finally, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $337.67.

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.