Pictet Asset Management Holding SA Has $51.10 Million Stock Holdings in Cummins Inc. $CMI

Pictet Asset Management Holding SA trimmed its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 100,097 shares of the company's stock after selling 1,877 shares during the period. Pictet Asset Management Holding SA owned about 0.07% of Cummins worth $51,101,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC grew its position in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after purchasing an additional 83 shares in the last quarter. Intech Investment Management LLC increased its stake in shares of Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company's stock worth $1,240,000 after purchasing an additional 1,146 shares during the last quarter. Treasurer of the State of North Carolina grew its holdings in Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company's stock worth $21,055,000 after purchasing an additional 1,759 shares during the period. ICW Investment Advisors LLC bought a new position in shares of Cummins during the 2nd quarter worth approximately $225,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the second quarter valued at $31,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Analysts Set New Price Targets

CMI has been the subject of several research reports. UBS Group set a $565.00 price target on Cummins and gave the stock a "neutral" rating in a report on Friday, February 6th. Citigroup boosted their price target on Cummins from $630.00 to $710.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Barclays raised their target price on shares of Cummins from $546.00 to $610.00 and gave the company an "overweight" rating in a research report on Friday, January 23rd. Truist Financial boosted their target price on shares of Cummins from $703.00 to $730.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Finally, Wall Street Zen lowered shares of Cummins from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $600.27.

Insider Buying and Selling

In other Cummins news, Director William I. Miller sold 18,107 shares of the stock in a transaction that occurred on 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 transaction, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction 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 completion of the sale, the vice president directly owned 7,214 shares of the company's stock, valued at approximately $4,329,337.82. This trade represents a 18.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,195 shares of company stock valued at $18,397,489 over the last ninety days. 0.30% of the stock is owned by insiders.

Cummins Trading Down 0.5%

Shares of CMI stock opened at $638.95 on Thursday. The business's fifty day moving average is $579.49 and its 200 day moving average is $535.11. 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 company has a market capitalization of $88.28 billion, a PE ratio of 31.14, a price-to-earnings-growth ratio of 2.09 and a beta of 1.14. Cummins Inc. has a 52-week low of $284.23 and a 52-week high of $665.13.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts' consensus estimates 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 revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.16 EPS. On average, equities research analysts anticipate that Cummins Inc. will post 26.03 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors 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 yield of 1.3%. Cummins's dividend payout ratio is 38.99%.

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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