Balyasny Asset Management L.P. Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

Balyasny Asset Management L.P. increased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 5,553.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 134,052 shares of the company's stock after acquiring an additional 131,681 shares during the period. Balyasny Asset Management L.P. owned about 0.10% of Cummins worth $46,731,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mariner Investment Group LLC acquired a new position in shares of Cummins during the fourth quarter worth about $1,046,000. FMR LLC increased its holdings in Cummins by 5.7% in the 4th quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after purchasing an additional 67,266 shares in the last quarter. Fayez Sarofim & Co lifted its stake in shares of Cummins by 72.3% in the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock valued at $2,857,000 after purchasing an additional 3,440 shares during the period. National Bank of Canada FI grew its position in shares of Cummins by 4.2% during the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after buying an additional 3,298 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock worth $79,017,000 after acquiring an additional 99,464 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Evercore ISI increased their target price on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Barclays lifted their price target on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Morgan Stanley lifted their price target on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Finally, Robert W. Baird reduced their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Cummins has a consensus rating of "Hold" and a consensus target price of $352.33.

Cummins Stock Performance

Shares of CMI traded up $0.40 during mid-day trading on Friday, hitting $306.81. The company's stock had a trading volume of 512,986 shares, compared to its average volume of 807,286. The stock's 50-day moving average is $304.66 and its two-hundred day moving average is $341.39. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market capitalization of $42.26 billion, a PE ratio of 10.89, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins's revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.08 earnings per share. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.37%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio is presently 36.22%.

About Cummins

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.