Cummins Inc. $CMI Shares Sold by Mirabaud Asset Management Ltd

Mirabaud Asset Management Ltd trimmed its stake in Cummins Inc. (NYSE:CMI) by 5.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 6,906 shares of the company’s stock after selling 377 shares during the period. Cummins comprises 1.0% of Mirabaud Asset Management Ltd’s investment portfolio, making the stock its 26th biggest holding. Mirabaud Asset Management Ltd’s holdings in Cummins were worth $2,249,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in CMI. Motley Fool Asset Management LLC grew its stake in shares of Cummins by 9.7% in the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after buying an additional 623 shares in the last quarter. Applied Finance Capital Management LLC lifted its stake in Cummins by 14.4% during the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after acquiring an additional 7,656 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in Cummins during the 1st quarter valued at about $2,749,000. Invesco Ltd. grew its position in Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after acquiring an additional 126,362 shares in the last quarter. Finally, Jump Financial LLC increased its stake in Cummins by 101.9% during the first quarter. Jump Financial LLC now owns 5,843 shares of the company’s stock worth $1,831,000 after purchasing an additional 2,949 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Truist Financial raised their price objective on shares of Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a research note on Friday. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research report on Wednesday, September 3rd. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $475.00 target price on shares of Cummins in a report on Friday. Ten analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $428.93.

Cummins Stock Performance

Shares of Cummins stock opened at $474.10 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $482.53. The firm’s 50 day moving average is $420.80 and its two-hundred day moving average is $369.17. The firm has a market capitalization of $65.32 billion, a P/E ratio of 22.29, a P/E/G ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.83 by $0.76. The company had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the company posted $5.86 earnings per share. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Insider Activity

In other news, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president owned 955 shares in the company, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the completion of the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $13,873,972.60. The trade was a 20.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 37,949 shares of company stock valued at $15,674,705. Corporate insiders own 0.41% of the company’s stock.

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.