Mirabaud Asset Management Ltd Reduces Holdings in Cummins Inc. $CMI

Mirabaud Asset Management Ltd lowered its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 portfolio, making the stock its 26th largest holding. Mirabaud Asset Management Ltd’s holdings in Cummins were worth $2,249,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. CSM Advisors LLC purchased a new position in shares of Cummins during the second quarter valued at approximately $33,770,000. Campbell & CO Investment Adviser LLC raised its holdings in Cummins by 82.0% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 16,212 shares of the company’s stock valued at $5,309,000 after acquiring an additional 7,304 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Cummins by 6.7% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock worth $91,054,000 after purchasing an additional 17,566 shares during the period. Parkside Financial Bank & Trust boosted its holdings in shares of Cummins by 12.2% during the second quarter. Parkside Financial Bank & Trust now owns 1,968 shares of the company’s stock worth $644,000 after purchasing an additional 214 shares during the last quarter. Finally, Prospera Financial Services Inc grew its position in shares of Cummins by 36.8% in the second quarter. Prospera Financial Services Inc now owns 4,412 shares of the company’s stock valued at $1,447,000 after purchasing an additional 1,188 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In other news, 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 value of $3,514,400.00. Following the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 37,949 shares of company stock valued at $15,674,705 over the last ninety days. 0.41% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CMI. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Sanford C. Bernstein reissued a “market perform” rating and issued a $475.00 target price on shares of Cummins in a research report on Friday. Weiss Ratings restated a “buy (b)” rating on shares of Cummins in a report on Wednesday. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Finally, Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Ten analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $428.93.

Cummins Stock Up 2.4%

Shares of NYSE:CMI opened at $474.10 on Friday. The company has a market capitalization of $65.32 billion, a price-to-earnings ratio of 22.29, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. The company has a 50 day moving average of $420.80 and a two-hundred day moving average of $369.17. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $482.53. 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 (NYSE:CMI) last announced its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. During the same period last year, the firm earned $5.86 earnings per share. The company’s revenue was down 1.6% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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

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.