Cummins Inc. (NYSE:CMI) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 4.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 157,419 shares of the company's stock after purchasing an additional 6,107 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.11% of Cummins worth $54,876,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Global Trust Asset Management LLC grew its position in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new stake in shares of Cummins during the fourth quarter worth about $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins during the fourth quarter worth about $27,000. SBI Securities Co. Ltd. acquired a new position in Cummins in the 4th quarter valued at about $30,000. Finally, Prospera Private Wealth LLC purchased a new stake in Cummins during the 3rd quarter valued at approximately $32,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CMI has been the topic of several analyst reports. StockNews.com downgraded Cummins from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 6th. Robert W. Baird lifted their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research report on Wednesday, February 5th. Jefferies Financial Group boosted their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Truist Financial raised their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a research note on Thursday, January 16th. Finally, Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and boosted their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Cummins presently has a consensus rating of "Hold" and a consensus price target of $386.67.

Remove Ads

Cummins Price Performance

Cummins stock traded down $18.06 during mid-day trading on Thursday, reaching $312.65. The company had a trading volume of 1,573,179 shares, compared to its average volume of 905,616. The stock's 50-day simple moving average is $360.03 and its 200-day simple moving average is $346.51. Cummins Inc. has a 1 year low of $260.88 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market capitalization of $42.98 billion, a P/E ratio of 11.10, a P/E/G ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. During the same quarter in the prior year, the firm posted $4.14 EPS. The company's revenue was down 1.1% compared to the same quarter last year. On average, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.33%. Cummins's dividend payout ratio (DPR) is 25.84%.

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.