UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Lowers Position in Cummins Inc. $CMI

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its holdings in Cummins Inc. (NYSE:CMI) by 5.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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’s holdings in Cummins were worth $1,070,768,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Cummins during the second quarter valued at about $8,204,241,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after buying an additional 2,434,876 shares during the last quarter. Bank of America Corp DE acquired a new stake in Cummins in the second quarter valued at approximately $1,408,353,000. Norges Bank acquired a new position in shares of Cummins during the fourth quarter worth $863,441,000. Finally, Bank of New York Mellon Corp acquired a new position in Cummins during the 2nd quarter valued at about $973,198,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

NYSE:CMI opened at $564.61 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The stock’s 50-day moving average price is $647.45 and its 200-day moving average price is $627.90. The stock has a market capitalization of $77.72 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 1.35 and a beta of 1.24.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same period in the previous year, the business posted $6.43 earnings per share. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

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

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research analyst reports. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Evercore reaffirmed an “outperform” rating and issued a $845.00 price target on shares of Cummins in a report on Monday, May 11th. Citigroup boosted their price objective on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. upped their target price on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Argus raised their target price on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $745.64.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is 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.