Zurcher Kantonalbank Zurich Cantonalbank Has $17.59 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cummins Inc. (NYSE:CMI) by 1.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 73,419 shares of the company’s stock after purchasing an additional 1,134 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cummins were worth $17,589,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new stake in shares of Cummins in the third quarter valued at about $25,000. Silver Oak Securities Incorporated purchased a new stake in shares of Cummins in the third quarter valued at about $28,000. Tyler Stone Wealth Management purchased a new stake in shares of Cummins in the second quarter valued at about $30,000. Global Wealth Strategies & Associates purchased a new stake in shares of Cummins in the third quarter valued at about $29,000. Finally, Quarry LP purchased a new stake in shares of Cummins in the first quarter valued at about $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CMI. Citigroup increased their target price on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Morgan Stanley started coverage on shares of Cummins in a research report on Monday, January 8th. They set an “overweight” rating and a $278.00 price target for the company. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Finally, TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $279.70.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock valued at $13,576,838 over the last three months. 0.56% of the stock is owned by corporate insiders.

Cummins Price Performance

Shares of NYSE:CMI opened at $291.42 on Friday. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $39.85 billion, a PE ratio of 56.26, a P/E/G ratio of 2.01 and a beta of 1.04. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The company has a 50-day moving average price of $279.54 and a two-hundred day moving average price of $247.93.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the previous year, the company posted $4.52 earnings per share. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. Equities analysts forecast that Cummins Inc. will post 18.29 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is 129.73%.

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.