XTX Topco Ltd increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 396.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,017 shares of the company's stock after acquiring an additional 8,799 shares during the quarter. XTX Topco Ltd's holdings in Cummins were worth $3,453,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after purchasing an additional 83 shares in the last quarter. Brown Brothers Harriman & Co. raised its holdings in Cummins by 5.1% in the fourth quarter. Brown Brothers Harriman & Co. now owns 3,718 shares of the company's stock worth $1,296,000 after purchasing an additional 179 shares in the last quarter. Allstate Corp bought a new position in Cummins in the fourth quarter worth about $1,435,000. Allianz SE bought a new position in Cummins in the fourth quarter worth about $736,000. Finally, Schroder Investment Management Group raised its holdings in Cummins by 39.8% in the fourth quarter. Schroder Investment Management Group now owns 243,541 shares of the company's stock worth $84,852,000 after purchasing an additional 69,285 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other Cummins news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director directly owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.41% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of brokerages have commented on CMI. Evercore ISI reduced their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and reduced their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Citigroup restated a "buy" rating and set a $360.00 price objective (up previously from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Robert W. Baird upped their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Finally, Barclays upped their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Cummins presently has an average rating of "Hold" and a consensus price target of $361.92.
View Our Latest Stock Analysis on Cummins
Cummins Stock Performance
Cummins stock traded down $0.56 during mid-day trading on Wednesday, hitting $365.78. The company had a trading volume of 916,565 shares, compared to its average volume of 884,997. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company's fifty day moving average is $332.61 and its 200-day moving average is $331.28. The company has a market capitalization of $50.39 billion, a price-to-earnings ratio of 18.20, a P/E/G ratio of 2.04 and a beta of 1.03.
Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the prior year, the firm posted $5.08 EPS. The business's quarterly revenue was down 2.7% compared to the same quarter last year. Equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.
Cummins Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be given a dividend of $2.00 per share. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.19%. Cummins's dividend payout ratio (DPR) is 36.22%.
Cummins Profile
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Free Report)
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.
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