Mirabaud Asset Management Ltd Buys 1,958 Shares of Cummins Inc. $CMI

Mirabaud Asset Management Ltd lifted its stake in Cummins Inc. (NYSE:CMI) by 40.6% during the fourth quarter, Holdings Channel reports. The fund owned 6,780 shares of the company’s stock after acquiring an additional 1,958 shares during the quarter. Cummins accounts for 1.6% of Mirabaud Asset Management Ltd’s holdings, making the stock its 20th largest position. Mirabaud Asset Management Ltd’s holdings in Cummins were worth $3,461,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Frank Rimerman Advisors LLC raised its stake in shares of Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after acquiring an additional 18 shares in the last quarter. Financial Consulate Inc. raised its stake in shares of Cummins by 16.8% in the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after acquiring an additional 18 shares in the last quarter. Gilbert & Cook Inc. raised its stake in shares of Cummins by 1.0% in the 4th quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock valued at $947,000 after acquiring an additional 19 shares in the last quarter. Sound View Wealth Advisors Group LLC raised its stake in shares of Cummins by 2.1% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock valued at $501,000 after acquiring an additional 20 shares in the last quarter. Finally, Red Door Wealth Management LLC raised its stake in shares of Cummins by 2.3% in the 4th quarter. Red Door Wealth Management LLC now owns 878 shares of the company’s stock valued at $448,000 after acquiring an additional 20 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CMI has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price target on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Morgan Stanley lifted their price target on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday. UBS Group set a $565.00 price target on Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Citigroup lifted their price target on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Truist Financial set a $815.00 price target on Cummins in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $649.47.

Cummins Stock Performance

Shares of NYSE CMI opened at $679.25 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The business’s 50 day moving average is $586.92 and its two-hundred day moving average is $543.54. The company has a market cap of $93.73 billion, a P/E ratio of 35.25, a P/E/G ratio of 1.71 and a beta of 1.27. Cummins Inc. has a 12 month low of $305.13 and a 12 month high of $718.08.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $5.96 EPS. On average, equities analysts expect that Cummins Inc. will post 28.39 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s payout ratio is currently 41.52%.

Insider Buying and Selling at Cummins

In other news, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the sale, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 33,603 shares of company stock valued at $20,047,788 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

Cummins Profile

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.