UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 48,690 Shares of Cummins Inc. (NYSE:CMI)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 1.11% of Cummins worth $494,455,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CMI. PFG Investments LLC lifted its position in shares of Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company's stock valued at $725,000 after acquiring an additional 485 shares in the last quarter. CWM LLC lifted its stake in Cummins by 17.4% in the third quarter. CWM LLC now owns 12,069 shares of the company's stock valued at $3,908,000 after buying an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC boosted its position in shares of Cummins by 109,309.3% during the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company's stock worth $16,361,000 after buying an additional 59,027 shares during the period. Manning & Napier Advisors LLC acquired a new position in Cummins during the 2nd quarter valued at about $16,329,000. Finally, Cetera Advisors LLC increased its position in shares of Cummins by 162.9% during the 1st quarter. Cetera Advisors LLC now owns 22,870 shares of the company's stock valued at $6,739,000 after purchasing an additional 14,170 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company's stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 over the last 90 days. Company insiders own 0.56% of the company's stock.

Cummins Trading Up 1.1 %

Shares of NYSE CMI traded up $4.22 during midday trading on Friday, hitting $375.25. 362,900 shares of the company traded hands, compared to its average volume of 1,442,269. Cummins Inc. has a 12-month low of $223.35 and a 12-month high of $379.66. The firm has a market cap of $51.48 billion, a P/E ratio of 24.79, a P/E/G ratio of 1.80 and a beta of 0.97. The stock has a 50-day moving average price of $342.77 and a 200 day moving average price of $307.25. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $8.29 billion. During the same period in the prior year, the firm posted $4.73 earnings per share. The company's quarterly revenue was up .3% on a year-over-year basis. As a group, analysts expect that Cummins Inc. will post 20.75 earnings per share for the current 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 issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins's dividend payout ratio is currently 48.08%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CMI shares. Vertical Research downgraded Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Barclays lifted their target price on Cummins from $259.00 to $310.00 and gave the stock an "equal weight" rating in a research report on Monday, August 5th. Citigroup increased their target price on Cummins from $375.00 to $415.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. The Goldman Sachs Group boosted their price objective on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Finally, StockNews.com upgraded Cummins from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus 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.