Cummins Inc. (NYSE:CMI) Shares Purchased by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd raised its stake in Cummins Inc. (NYSE:CMI) by 143.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,381 shares of the company’s stock after acquiring an additional 5,524 shares during the quarter. Point72 Hong Kong Ltd’s holdings in Cummins were worth $3,037,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins in the 2nd quarter valued at $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins in the second quarter worth about $28,000. Lynx Investment Advisory purchased a new stake in shares of Cummins during the 2nd quarter worth about $29,000. Prospera Private Wealth LLC acquired a new stake in shares of Cummins during the 3rd quarter valued at about $32,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in shares of Cummins in the 3rd quarter valued at about $34,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $375.04 on Monday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The stock’s fifty day moving average is $342.77 and its two-hundred day moving average is $307.44. The firm has a market capitalization of $51.45 billion, a P/E ratio of 24.77, a price-to-earnings-growth ratio of 1.82 and a beta of 0.97. Cummins Inc. has a fifty-two week low of $223.35 and a fifty-two week high of $379.66.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the company posted $4.73 EPS. The company’s revenue was up .3% compared to the same quarter last year. On average, research analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.94%. Cummins’s dividend payout ratio is currently 48.08%.

Analyst Upgrades and Downgrades

Several analysts have commented on CMI shares. Robert W. Baird raised their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Truist Financial lifted their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Barclays lifted their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $337.67.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by company insiders.

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.