Point72 Hong Kong Ltd Boosts Stock Position in Cummins Inc. (NYSE:CMI)

Point72 Hong Kong Ltd grew its holdings in Cummins Inc. (NYSE:CMI) by 143.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,381 shares of the company’s stock after purchasing an additional 5,524 shares during the period. Point72 Hong Kong Ltd’s holdings in Cummins were worth $3,037,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pathway Financial Advisers LLC boosted its holdings in shares of Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares during the period. International Assets Investment Management LLC raised its position in Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after purchasing an additional 972,247 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of Cummins in the 2nd quarter worth $68,018,000. SG Americas Securities LLC grew its position in shares of Cummins by 1,012.0% during the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after buying an additional 179,346 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Cummins during the second quarter valued at $46,607,000. 83.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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

Cummins Price Performance

Shares of CMI stock opened at $375.04 on Monday. Cummins Inc. has a fifty-two week low of $223.35 and a fifty-two week high of $379.66. 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 firm has a market capitalization of $51.45 billion, a price-to-earnings ratio of 24.77, a PEG ratio of 1.82 and a beta of 0.97. The stock’s 50-day simple moving average is $342.77 and its 200-day simple moving average is $307.44.

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

Cummins Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have issued reports on CMI shares. Truist Financial increased their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. Citigroup increased their target price on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $337.67.

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.