Pictet Asset Management Ltd. Acquires 28,000 Shares of Cummins Inc. (CMI)
Pictet Asset Management Ltd. increased its position in shares of Cummins Inc. (NYSE:CMI) by 19.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 174,985 shares of the company’s stock after buying an additional 28,000 shares during the period. Pictet Asset Management Ltd. owned approximately 0.10% of Cummins worth $26,457,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. NEXT Financial Group Inc increased its position in Cummins by 124.7% in the third quarter. NEXT Financial Group Inc now owns 2,899 shares of the company’s stock valued at $372,000 after buying an additional 1,609 shares during the period. Welch & Forbes LLC increased its position in Cummins by 305.9% in the third quarter. Welch & Forbes LLC now owns 25,085 shares of the company’s stock valued at $3,214,000 after buying an additional 18,905 shares during the period. Texan Capital Management increased its position in Cummins by 0.4% in the third quarter. Texan Capital Management now owns 11,918 shares of the company’s stock valued at $1,527,000 after buying an additional 45 shares during the period. Allegis Investment Advisors LLC increased its position in Cummins by 48.0% in the third quarter. Allegis Investment Advisors LLC now owns 10,211 shares of the company’s stock valued at $1,309,000 after buying an additional 3,313 shares during the period. Finally, Bellecapital International Ltd. acquired a new position in Cummins during the third quarter valued at approximately $295,000. 81.14% of the stock is owned by institutional investors.
Cummins Inc. (CMI) traded down 0.09% during mid-day trading on Friday, hitting $161.56. 1,282,293 shares of the stock traded hands. The company’s 50 day moving average is $157.11 and its 200 day moving average is $149.05. The company has a market cap of $27.03 billion, a P/E ratio of 18.52 and a beta of 1.06. Cummins Inc. has a 12 month low of $105.33 and a 12 month high of $163.36.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 2nd. The company reported $2.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.81 by $0.55. Cummins had a net margin of 8.25% and a return on equity of 20.87%. The firm had revenue of $4.59 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same quarter in the prior year, the business earned $1.87 earnings per share. Cummins’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts expect that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Friday, May 19th were given a dividend of $1.025 per share. The ex-dividend date of this dividend was Wednesday, May 17th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 2.54%. Cummins’s dividend payout ratio is 46.96%.
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Several research analysts recently commented on CMI shares. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $140.00 price objective on shares of Cummins in a report on Wednesday, March 22nd. Credit Suisse Group set a $173.00 price objective on shares of Cummins and gave the stock a “buy” rating in a report on Monday, March 27th. Barclays PLC set a $137.00 price objective on shares of Cummins and gave the stock a “hold” rating in a report on Saturday, April 1st. Seaport Global Securities started coverage on shares of Cummins in a report on Thursday, April 6th. They issued a “neutral” rating for the company. Finally, Deutsche Bank AG raised their price objective on shares of Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a report on Thursday, April 6th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $151.40.
In related news, CEO Norman Thomas Linebarger sold 24,000 shares of the company’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $163.00, for a total transaction of $3,912,000.00. Following the completion of the transaction, the chief executive officer now owns 24,607 shares in the company, valued at $4,010,941. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction on Friday, April 28th. The shares were sold at an average price of $151.03, for a total transaction of $604,120.00. Following the sale, the insider now directly owns 41,902 shares in the company, valued at approximately $6,328,459.06. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,576 shares of company stock valued at $6,218,448. 0.62% of the stock is owned by company insiders.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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