Cummins Inc. $CMI Stock Purchased by Vontobel Holding Ltd.

Vontobel Holding Ltd. increased its stake in shares of Cummins Inc. (NYSE:CMI) by 1,436.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 584,674 shares of the company’s stock after purchasing an additional 546,613 shares during the period. Cummins makes up approximately 1.1% of Vontobel Holding Ltd.’s investment portfolio, making the stock its 20th largest holding. Vontobel Holding Ltd.’s holdings in Cummins were worth $302,025,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CMI. Wellington Management Group LLP raised its position in shares of Cummins by 243.5% during the second quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock worth $353,072,000 after purchasing an additional 350,910 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Cummins by 45.2% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company’s stock valued at $6,981,000 after purchasing an additional 4,538 shares in the last quarter. Bank of America Corp DE acquired a new position in shares of Cummins in the 2nd quarter valued at approximately $1,408,353,000. Raiffeisen Bank International AG grew its position in shares of Cummins by 55.1% in the 2nd quarter. Raiffeisen Bank International AG now owns 46,817 shares of the company’s stock valued at $32,355,000 after purchasing an additional 16,623 shares during the period. Finally, Legacy Private Trust Co. increased its stake in Cummins by 1,264.1% during the 3rd quarter. Legacy Private Trust Co. now owns 12,222 shares of the company’s stock worth $6,314,000 after purchasing an additional 11,326 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.4%

NYSE CMI traded down $2.01 during trading on Friday, hitting $530.72. The stock had a trading volume of 1,255,487 shares, compared to its average volume of 1,127,504. The company has a market capitalization of $73.06 billion, a PE ratio of 27.12, a P/E/G ratio of 1.41 and a beta of 1.24. The company’s 50-day moving average price is $555.86 and its two-hundred day moving average price is $619.86. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a 12 month low of $405.82 and a 12 month high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the prior year, the business earned $6.43 earnings per share. Cummins’s revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be given a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. Cummins’s dividend payout ratio (DPR) is 44.97%.

Analysts Set New Price Targets

Several analysts have commented on CMI shares. Morgan Stanley raised their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. DA Davidson upped their price target on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Bank of America lowered their price objective on shares of Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Citigroup cut their price objective on shares of Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a research report on Monday, October 12th. Finally, Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $708.18.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.