Zurcher Kantonalbank Zurich Cantonalbank Purchases 6,107 Shares of Cummins Inc. (NYSE:CMI)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Cummins Inc. (NYSE:CMI) by 4.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 157,419 shares of the company’s stock after acquiring an additional 6,107 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cummins were worth $54,876,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CMI. Raymond James Financial Inc. bought a new position in Cummins in the fourth quarter valued at about $187,082,000. Proficio Capital Partners LLC bought a new position in Cummins during the fourth quarter worth about $71,279,000. Amundi boosted its holdings in Cummins by 32.3% during the fourth quarter. Amundi now owns 771,038 shares of the company’s stock worth $277,381,000 after buying an additional 188,254 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares during the last quarter. Finally, State Street Corp boosted its holdings in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after buying an additional 126,703 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 2.4 %

Shares of Cummins stock opened at $333.82 on Tuesday. The business’s 50 day simple moving average is $361.48 and its 200 day simple moving average is $346.72. Cummins Inc. has a 52-week low of $260.88 and a 52-week high of $387.90. The firm has a market cap of $45.89 billion, a PE ratio of 11.85, 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 quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating 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 business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter last year, the firm earned $4.14 EPS. Cummins’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.18%. Cummins’s dividend payout ratio is 25.84%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Evercore ISI raised their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Robert W. Baird raised their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Citigroup dropped their price target on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $386.67.

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.