Swiss National Bank Has $124.90 Million Holdings in Cummins Inc. (NYSE:CMI)

Swiss National Bank reduced its holdings in Cummins Inc. (NYSE:CMI) by 4.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 423,878 shares of the company’s stock after selling 19,022 shares during the quarter. Swiss National Bank’s holdings in Cummins were worth $124,896,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. First United Bank & Trust acquired a new position in shares of Cummins in the 4th quarter worth approximately $25,000. Private Wealth Management Group LLC acquired a new position in Cummins during the 4th quarter worth $26,000. Silver Oak Securities Incorporated acquired a new position in Cummins during the 3rd quarter worth $28,000. DiNuzzo Private Wealth Inc. acquired a new position in Cummins during the 4th quarter worth $31,000. Finally, JNBA Financial Advisors lifted its holdings in Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after buying an additional 100 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were purchased at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cummins news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the acquisition, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $5,987,628.78. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CMI shares. Raymond James started coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. upped their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. The Goldman Sachs Group increased their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Citigroup began coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. Finally, TD Cowen increased their price target on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $287.18.

Cummins Price Performance

NYSE:CMI traded up $3.16 during mid-day trading on Monday, reaching $288.02. The stock had a trading volume of 31,638 shares, compared to its average volume of 1,986,849. The stock has a 50-day simple moving average of $279.29 and a two-hundred day simple moving average of $271.33. The stock has a market capitalization of $39.40 billion, a PE ratio of 20.85, a P/E/G ratio of 1.78 and a beta of 0.99. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $304.24.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. On average, equities analysts anticipate that Cummins Inc. will post 18.73 earnings per share for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend is Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is presently 49.19%.

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.