Pictet Asset Management Holding SA Increases Position in Cummins Inc. (NYSE:CMI)

Pictet Asset Management Holding SA increased its stake in shares of Cummins Inc. (NYSE:CMI) by 2.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 150,895 shares of the company’s stock after purchasing an additional 3,936 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Cummins were worth $52,602,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC raised its holdings in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares in the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins in the 4th quarter worth approximately $26,000. Compass Financial Services Inc bought a new position in shares of Cummins during the 4th quarter worth approximately $27,000. TCTC Holdings LLC purchased a new stake in Cummins during the fourth quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Cummins in the fourth quarter valued at approximately $30,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several recent analyst reports. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. JPMorgan Chase & Co. decreased their price target on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. Citigroup dropped their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Truist Financial raised their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Finally, StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus price target of $389.50.

Cummins Stock Performance

CMI opened at $313.45 on Friday. The firm has a fifty day moving average price of $352.17 and a 200 day moving average price of $348.41. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The stock has a market cap of $43.09 billion, a P/E ratio of 11.13, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

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

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

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.