Swiss Life Asset Management Ltd Buys 4,848 Shares of Cummins Inc. $CMI

Swiss Life Asset Management Ltd boosted its position in Cummins Inc. (NYSE:CMI) by 14.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 38,950 shares of the company’s stock after acquiring an additional 4,848 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in Cummins were worth $16,451,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CMI. Flagship Wealth Advisors LLC acquired a new stake in Cummins in the third quarter valued at approximately $28,000. Osterweis Capital Management Inc. bought a new stake in Cummins during the 2nd quarter valued at $31,000. Guerra Advisors Inc bought a new stake in Cummins during the 3rd quarter valued at $36,000. Salomon & Ludwin LLC raised its holdings in Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after buying an additional 80 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Cummins in the third quarter valued at $37,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 0.8%

NYSE:CMI opened at $538.94 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $617.98. The firm has a 50-day moving average price of $574.25 and a two-hundred day moving average price of $499.20. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The firm has a market cap of $74.46 billion, a price-to-earnings ratio of 26.26, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12.

Cummins (NYSE:CMI) last released its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.Cummins’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the company posted $5.16 earnings per share. On average, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s payout ratio is presently 38.99%.

Insider Buying and Selling

In other Cummins news, VP Amy Rochelle Davis sold 4,054 shares of Cummins stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the sale, the vice president owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Donald G. Jackson sold 1,600 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the sale, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 31,195 shares of company stock worth $18,397,489 in the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CMI shares. UBS Group set a $565.00 target price on shares of Cummins and gave the stock a “neutral” rating in a report on Friday, February 6th. Argus set a $696.00 price objective on Cummins in a report on Tuesday, February 10th. Morgan Stanley reissued an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a research note on Friday, February 6th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Finally, Robert W. Baird set a $580.00 target price on Cummins in a research report on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

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.