Mirabaud Asset Management Ltd Has $2.36 Million Stake in Cummins Inc. (NYSE:CMI)

Mirabaud Asset Management Ltd decreased its position in shares of Cummins Inc. (NYSE:CMI) by 14.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 6,780 shares of the company’s stock after selling 1,128 shares during the quarter. Cummins makes up approximately 1.1% of Mirabaud Asset Management Ltd’s investment portfolio, making the stock its 28th biggest position. Mirabaud Asset Management Ltd’s holdings in Cummins were worth $2,362,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CMI. Norges Bank acquired a new position in Cummins in the fourth quarter valued at approximately $499,490,000. Raymond James Financial Inc. acquired a new position in shares of Cummins in the 4th quarter valued at $187,082,000. Vanguard Group Inc. grew its stake in shares of Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the period. Proficio Capital Partners LLC acquired a new position in Cummins in the fourth quarter valued at about $71,279,000. Finally, Amundi grew its holdings in Cummins by 32.3% during the fourth quarter. Amundi now owns 771,038 shares of the company’s stock valued at $277,381,000 after purchasing an additional 188,254 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Cummins stock opened at $277.82 on Friday. The stock’s 50 day moving average is $345.89 and its 200-day moving average is $348.27. The company has a market capitalization of $38.19 billion, a price-to-earnings ratio of 9.86, a PEG ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 12 month low of $261.51 and a 12 month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter last year, the firm earned $4.14 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.62%. Cummins’s payout ratio is presently 25.84%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Truist Financial boosted their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Evercore ISI lifted their price target on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Robert W. Baird lifted their price target on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and an average target price of $383.67.

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.