UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 79,824 Shares of Cummins Inc. $CMI

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 5.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,501,336 shares of the company’s stock after selling 79,824 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 1.09% of Cummins worth $1,070,768,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Truist Financial Corp boosted its holdings in shares of Cummins by 4.8% during the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after buying an additional 2,951 shares in the last quarter. Kepler Cheuvreux Suisse SA purchased a new stake in shares of Cummins in the 4th quarter worth approximately $7,869,000. Westfield Capital Management Co. LP bought a new position in Cummins during the 4th quarter valued at approximately $7,797,000. Nomura Asset Management Co. Ltd. increased its position in Cummins by 26.9% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 113,648 shares of the company’s stock valued at $58,012,000 after buying an additional 24,080 shares in the last quarter. Finally, Louisiana State Employees Retirement System bought a new position in Cummins in the 1st quarter worth about $3,766,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CMI shares. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Morgan Stanley lifted their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. JPMorgan Chase & Co. upped their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. UBS Group dropped their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Finally, Argus lifted their target price on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Cummins Stock Down 1.6%

NYSE CMI opened at $564.61 on Friday. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The stock has a market cap of $77.72 billion, a PE ratio of 28.85, a P/E/G ratio of 1.35 and a beta of 1.24. The stock’s 50 day moving average is $647.45 and its 200 day moving average is $627.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period last year, the business earned $6.43 earnings per share. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a $2.20 dividend. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is 44.97%.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.