UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Decreases Position in Cummins Inc. (NYSE:CMI)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its stake in shares of Cummins Inc. (NYSE:CMI) by 3.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,527,084 shares of the company’s stock after selling 48,690 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Cummins were worth $494,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of CMI. Pathway Financial Advisers LLC grew its stake in shares of Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after buying an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after purchasing an additional 972,247 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in Cummins in the 2nd quarter worth $68,018,000. SG Americas Securities LLC raised its stake in Cummins by 1,012.0% in the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after acquiring an additional 179,346 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Cummins in the 2nd quarter worth $46,607,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CMI shares. Barclays raised their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. The Goldman Sachs Group increased their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus target price of $337.67.

Cummins Trading Down 1.7 %

CMI opened at $371.03 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company’s 50 day simple moving average is $341.43 and its two-hundred day simple moving average is $306.67. Cummins Inc. has a 1-year low of $222.75 and a 1-year high of $379.66. The firm has a market capitalization of $50.90 billion, a price-to-earnings ratio of 24.51, a price-to-earnings-growth ratio of 1.82 and a beta of 0.97.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the company posted $4.73 EPS. The business’s revenue was up .3% on a year-over-year basis. Analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is presently 48.08%.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by company insiders.

Cummins 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.