Union Bancaire Privee UBP SA Trims Stock Holdings in Cummins Inc. (NYSE:CMI)

Union Bancaire Privee UBP SA cut its stake in shares of Cummins Inc. (NYSE:CMI) by 4.5% in the 1st quarter, Holdings Channel.com reports. The fund owned 17,747 shares of the company’s stock after selling 827 shares during the period. Union Bancaire Privee UBP SA’s holdings in Cummins were worth $5,257,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Signaturefd LLC lifted its holdings in Cummins by 0.9% during the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after buying an additional 28 shares during the period. Fiduciary Trust Co increased its holdings in shares of Cummins by 1.2% in the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock valued at $856,000 after acquiring an additional 28 shares during the period. Avestar Capital LLC raised its position in shares of Cummins by 3.2% in the 4th quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after acquiring an additional 31 shares in the last quarter. Quent Capital LLC lifted its stake in shares of Cummins by 5.6% during the 4th quarter. Quent Capital LLC now owns 620 shares of the company’s stock worth $216,000 after purchasing an additional 33 shares during the last quarter. Finally, Mindset Wealth Management LLC boosted its position in Cummins by 1.7% during the fourth quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company’s stock valued at $724,000 after purchasing an additional 35 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

NYSE:CMI opened at $323.84 on Thursday. The company has a market capitalization of $44.61 billion, a P/E ratio of 11.50, a P/E/G ratio of 2.19 and a beta of 1.04. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The stock’s fifty day moving average is $305.97 and its two-hundred day moving average is $337.67.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same period last year, the business earned $5.08 earnings per share. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.25%. Cummins’s dividend payout ratio is presently 36.22%.

Insider Activity

In related news, Director John H. Stone bought 1,000 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now directly owns 2,441 shares of the company’s stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on CMI. Morgan Stanley boosted their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Evercore ISI reduced their price objective on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research note on Monday, May 19th. Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Truist Financial reduced their price target on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Finally, UBS Group lowered Cummins from a “buy” rating to a “sell” rating and decreased their price objective for the company from $400.00 to $240.00 in a report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Cummins currently has an average rating of “Hold” and an average price target of $357.25.

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.