Vontobel Holding Ltd. Has $13.08 Million Stock Position in Cummins Inc. (NYSE:CMI)

Vontobel Holding Ltd. lowered its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 32.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 41,727 shares of the company's stock after selling 19,881 shares during the quarter. Vontobel Holding Ltd.'s holdings in Cummins were worth $13,079,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of CMI. Meeder Asset Management Inc. boosted its position in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 52 shares during the period. TCTC Holdings LLC acquired a new stake in shares of Cummins in the fourth quarter valued at about $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of Cummins during the 4th quarter valued at about $30,000. Capital A Wealth Management LLC purchased a new position in Cummins in the 4th quarter worth approximately $32,000. Finally, Opal Wealth Advisors LLC purchased a new stake in Cummins during the 1st quarter worth $37,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Up 1.1%

Shares of Cummins stock traded up $3.53 during midday trading on Wednesday, hitting $333.15. The company's stock had a trading volume of 755,650 shares, compared to its average volume of 774,102. The firm has a market capitalization of $45.89 billion, a P/E ratio of 16.57, a PEG ratio of 1.97 and a beta of 1.03. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The stock has a 50-day simple moving average of $317.03 and a 200-day simple moving average of $332.11.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm's quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.08 EPS. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. The ex-dividend date was Friday, May 23rd. Cummins's payout ratio is presently 36.22%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Robert W. Baird decreased their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Wall Street Zen cut shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Morgan Stanley lifted their price target on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Finally, Truist Financial lowered their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $358.08.

Insider Activity

In other news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction dated Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director owned 2,441 shares of the company's stock, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.41% of the company's stock.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.