Mirabaud Asset Management Ltd Has $3.46 Million Stock Position in Cummins Inc. $CMI

Key Points

• Mirabaud Asset Management increased its Cummins stake by 40.6% in the fourth quarter, buying 1,958 additional shares to bring its total to 6,780 shares valued at about $3.46 million.
• Cummins reported better-than-expected earnings for the latest quarter, posting $6.15 EPS versus $5.63 expected, while revenue of $8.40 billion also edged past estimates and rose 2.7% year over year.
• The company recently paid a quarterly dividend of $2.00 per share, and analysts currently rate the stock a Moderate Buy with an average price target of $649.47.

Mirabaud Asset Management Ltd lifted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 40.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,780 shares of the company's stock after purchasing an additional 1,958 shares during the quarter. Cummins accounts for about 1.6% of Mirabaud Asset Management Ltd's investment portfolio, making the stock its 20th largest holding. Mirabaud Asset Management Ltd's holdings in Cummins were worth $3,461,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. boosted its position in Cummins by 8.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company's stock worth $13,107,000 after acquiring an additional 2,417 shares during the period. New York State Teachers Retirement System boosted its position in Cummins by 2.1% during the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company's stock worth $47,268,000 after acquiring an additional 2,305 shares during the period. Bailard Inc. boosted its position in Cummins by 7.2% during the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company's stock worth $25,270,000 after acquiring an additional 4,035 shares during the period. Fisher Asset Management LLC boosted its position in Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company's stock worth $1,422,121,000 after acquiring an additional 91,956 shares during the period. Finally, Accredited Wealth Management LLC boosted its position in Cummins by 3,100.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company's stock worth $1,352,000 after acquiring an additional 3,100 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Down 0.0%

Shares of Cummins stock opened at $679.25 on Monday. The firm has a market cap of $93.73 billion, a price-to-earnings ratio of 35.25, a P/E/G ratio of 1.71 and a beta of 1.27. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a 52-week low of $305.13 and a 52-week high of $718.08. The stock has a 50-day simple moving average of $586.92 and a 200-day simple moving average of $543.54.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $8.40 billion during 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 firm's revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the company earned $5.96 EPS. On average, equities research analysts expect that Cummins Inc. will post 28.39 earnings per share for the current fiscal year.

Cummins Announces Dividend

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

Insider Buying and Selling at Cummins

In other news, VP Amy Rochelle Davis sold 4,054 shares of Cummins stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the sale, the vice president directly owned 15,807 shares in the company, valued at $8,873,101.38. The trade was a 20.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the sale, the director owned 34,243 shares of the company's stock, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 33,603 shares of company stock worth $20,047,788 over the last quarter. Insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CMI shares. UBS Group set a $565.00 price objective on Cummins and gave the stock a "neutral" rating in a research report on Friday, February 6th. Argus set a $696.00 price objective on Cummins in a research report on Tuesday, February 10th. Robert W. Baird set a $700.00 price objective on Cummins in a research report on Wednesday. JPMorgan Chase & Co. raised their price objective on Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Finally, Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the stock a "market perform" rating in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $649.47.

Cummins Company 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.

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