UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Holdings in Cummins Inc. (NYSE:CMI)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,527,084 shares of the company’s stock after selling 48,690 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 1.11% of Cummins worth $494,455,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Public Sector Pension Investment Board boosted its stake in Cummins by 14.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 304,002 shares of the company’s stock valued at $98,433,000 after purchasing an additional 38,400 shares during the last quarter. Fiduciary Trust Co boosted its stake in shares of Cummins by 26.3% in the 3rd quarter. Fiduciary Trust Co now owns 2,428 shares of the company’s stock worth $786,000 after buying an additional 505 shares during the last quarter. First Commonwealth Financial Corp PA boosted its stake in shares of Cummins by 13.2% in the 3rd quarter. First Commonwealth Financial Corp PA now owns 1,494 shares of the company’s stock worth $484,000 after buying an additional 174 shares during the last quarter. CreativeOne Wealth LLC purchased a new position in shares of Cummins in the 3rd quarter worth $295,000. Finally, BNP Paribas boosted its stake in shares of Cummins by 5.4% in the 3rd quarter. BNP Paribas now owns 982 shares of the company’s stock worth $318,000 after buying an additional 50 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

NYSE:CMI opened at $371.03 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The business’s 50-day simple moving average is $341.43 and its two-hundred day simple moving average is $306.67. The stock has a market cap of $50.90 billion, a PE ratio of 24.51, a P/E/G ratio of 1.82 and a beta of 0.97. Cummins Inc. has a 52 week low of $222.75 and a 52 week high of $379.66.

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

Cummins Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CMI shares. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. JPMorgan Chase & Co. raised their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Barclays lifted their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Finally, Robert W. Baird lifted their target price on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average target price of $337.67.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have sold 6,489 shares of company stock worth $2,357,531. Corporate insiders own 0.56% of the company’s stock.

Cummins Company Profile

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.