Segantii Capital Management Ltd Takes $2.67 Million Position in Cummins Inc. (NYSE:CMI)

Segantii Capital Management Ltd acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 11,144 shares of the company’s stock, valued at approximately $2,670,000.

A number of other institutional investors have also made changes to their positions in the business. Townsend & Associates Inc boosted its position in Cummins by 72.4% during the fourth quarter. Townsend & Associates Inc now owns 60,301 shares of the company’s stock worth $14,219,000 after purchasing an additional 25,326 shares during the period. Cullen Frost Bankers Inc. grew its holdings in Cummins by 4.0% in the 4th quarter. Cullen Frost Bankers Inc. now owns 54,905 shares of the company’s stock valued at $13,154,000 after buying an additional 2,127 shares in the last quarter. Everpar Advisors LLC acquired a new stake in shares of Cummins during the fourth quarter worth $249,000. Pacific Capital Wealth Advisors Inc. bought a new position in Cummins during the fourth quarter worth about $39,000. Finally, Barlow Wealth Partners Inc. bought a new position in shares of Cummins during the fourth quarter worth approximately $15,514,000. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, CEO Jennifer Rumsey sold 739 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares of the company’s stock, valued at $720,123.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the transaction, the chief executive officer now owns 2,698 shares in the company, valued at approximately $720,123.18. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,169 shares of company stock valued at $14,689,855. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on CMI shares. TheStreet downgraded Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. The Goldman Sachs Group raised their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Robert W. Baird cut their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Finally, Evercore ISI boosted their target price on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $282.55.

Cummins Stock Performance

Shares of NYSE CMI traded up $5.52 during mid-day trading on Thursday, reaching $294.58. 627,046 shares of the company’s stock were exchanged, compared to its average volume of 2,512,466. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24. The firm has a 50-day moving average price of $286.11 and a two-hundred day moving average price of $253.84. The firm has a market capitalization of $40.29 billion, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the company earned $4.52 EPS. Analysts predict that Cummins Inc. will post 18.45 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.28%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 49.19%.

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.