Pictet Asset Management Holding SA Buys 98,550 Shares of Cummins Inc. $CMI

Pictet Asset Management Holding SA increased its stake in Cummins Inc. (NYSE:CMI) by 111.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 186,957 shares of the company’s stock after acquiring an additional 98,550 shares during the period. Pictet Asset Management Holding SA owned approximately 0.14% of Cummins worth $96,701,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Valmark Advisers Inc. raised its stake in Cummins by 1.9% during the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after purchasing an additional 16 shares during the period. Guardian Partners Inc. grew its stake in shares of Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after buying an additional 16 shares during the period. Legacy Financial Advisors Inc. grew its stake in shares of Cummins by 2.0% during the 2nd quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company’s stock valued at $681,000 after buying an additional 19 shares during the period. Sage Private Wealth Group LLC grew its stake in shares of Cummins by 3.0% during the 3rd quarter. Sage Private Wealth Group LLC now owns 660 shares of the company’s stock valued at $341,000 after buying an additional 19 shares during the period. Finally, Ariadne Wealth Management LP raised its position in shares of Cummins by 5.1% in the 1st quarter. Ariadne Wealth Management LP now owns 415 shares of the company’s stock worth $223,000 after buying an additional 20 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Up 3.7%

Shares of NYSE CMI opened at $466.73 on Tuesday. Cummins Inc. has a 12-month low of $443.62 and a 12-month high of $737.76. The company has a market cap of $64.25 billion, a P/E ratio of 19.48, a P/E/G ratio of 1.24 and a beta of 1.26. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The stock has a fifty day moving average price of $524.50 and a 200 day moving average price of $599.03.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, November 5th. The company reported $8.25 EPS for the quarter, beating the consensus estimate of $8.20 by $0.05. The company had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.89 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm’s revenue was up 13.5% compared to the same quarter last year. During the same period last year, the company posted $5.59 earnings per share. Research analysts anticipate that Cummins Inc. will post 29.98 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.9%. Cummins’s dividend payout ratio (DPR) is 36.73%.

Insider Activity at Cummins

In related news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Cummins News Summary

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: AI data-center power demand and a strong order backlog could support growth. However, supply constraints may limit the company’s ability to meet demand. Zacks article
• Neutral Sentiment: Barclays cut its price target to $600 from $675 but maintained an Overweight rating, indicating it still sees potential upside from the referenced share price. Barclays rating information
• Neutral Sentiment: Oppenheimer maintained its Hold rating, while Wells Fargo, Citigroup and Truist also reduced their price targets; the reports provided do not specify the new targets. Oppenheimer rating Wells Fargo target report Citigroup target report Truist target report
• Negative Sentiment: JPMorgan lowered its target sharply, from $600 to $465, and moved to a Neutral rating. The bank’s target is approximately in line with the referenced share price. JPMorgan rating information
• Negative Sentiment: An analysis cited cuts to fair value estimates as analysts trimmed growth and margin expectations. Truck-market weakness is another concern alongside supply constraints. Yahoo Finance article

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research analyst reports. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. Morgan Stanley upped their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. UBS Group dropped their price target on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Wells Fargo & Company dropped their target price on shares of Cummins from $608.00 to $520.00 and set an “overweight” rating for the company in a research report on Friday. Finally, JPMorgan Chase & Co. cut their price target on shares of Cummins from $600.00 to $465.00 and set a “neutral” rating on the stock in a report on Friday. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average price target of $662.18.

Cummins Company Profile

Cummins Inc is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications.

The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.

Cummins serves customers in markets around the world through manufacturing operations, distribution networks and service locations.