Bank Julius Baer & Co. Ltd Zurich Has $5.19 Million Holdings in Cummins Inc. $CMI

Key Points

• Bank Julius Baer reduced its Cummins stake by 13.2% in the fourth quarter, selling 1,534 shares and leaving it with 10,120 shares valued at about $5.19 million.
• Cummins reported stronger-than-expected quarterly results, posting EPS of $6.15 versus estimates of $5.63 on revenue of $8.40 billion, while revenue rose 2.7% year over year.
• The company also announced a quarterly dividend of $2.00 per share payable on June 4, and analysts remain broadly positive with an average rating of “Moderate Buy” and an average target price of $677.87.

Bank Julius Baer & Co. Ltd Zurich cut its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 13.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,120 shares of the company's stock after selling 1,534 shares during the period. Bank Julius Baer & Co. Ltd Zurich's holdings in Cummins were worth $5,190,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Cummins by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company's stock worth $9,058,841,000 after purchasing an additional 98,544 shares during the period. Fisher Asset Management LLC grew its stake in shares of Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company's stock worth $1,422,121,000 after purchasing an additional 91,956 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Cummins by 0.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company's stock worth $649,280,000 after purchasing an additional 7,372 shares during the period. Raymond James Financial Inc. grew its stake in shares of Cummins by 4.5% during the third quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company's stock worth $640,090,000 after purchasing an additional 64,822 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company's stock worth $612,715,000 after acquiring an additional 488,430 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president owned 11,986 shares in the company, valued at $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Nathan R. Stoner sold 607 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the sale, the vice president owned 9,447 shares in the company, valued at $6,556,784.82. This represents a 6.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 22,397 shares of company stock valued at $14,465,833. Company insiders own 0.30% of the company's stock.

Cummins Price Performance

NYSE:CMI opened at $698.36 on Friday. 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 stock's 50 day moving average price is $601.51 and its two-hundred day moving average price is $554.63. The firm has a market capitalization of $96.37 billion, a price-to-earnings ratio of 36.24, a P/E/G ratio of 1.81 and a beta of 1.27. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.96 earnings per share. On average, analysts anticipate that Cummins Inc. will post 28.39 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be paid a $2.00 dividend. The ex-dividend date is Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.1%. Cummins's dividend payout ratio is currently 41.52%.

Wall Street Analyst Weigh In

Several research firms have weighed in on CMI. Raymond James Financial lifted their target price on Cummins from $585.00 to $675.00 and gave the stock an "outperform" rating in a report on Monday, February 9th. Citigroup boosted their price target on Cummins from $710.00 to $770.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Morgan Stanley boosted their price target on Cummins from $675.00 to $752.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Barclays upped their target price on Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Finally, Robert W. Baird set a $700.00 target price on Cummins in a report on Wednesday, May 6th. 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. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $677.87.

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.

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