Dymon Asia Capital Singapore PTE. LTD. bought a new position in Cummins Inc. (NYSE:CMI - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,676 shares of the company's stock, valued at approximately $1,366,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Thompson Investment Management Inc. acquired a new stake in Cummins in the fourth quarter worth approximately $26,000. Activest Wealth Management lifted its position in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock worth $26,000 after purchasing an additional 43 shares during the period. Wellington Shields Capital Management LLC acquired a new stake in Cummins in the fourth quarter worth approximately $27,000. Ares Financial Consulting LLC acquired a new stake in Cummins in the fourth quarter worth approximately $29,000. Finally, Holos Integrated Wealth LLC acquired a new stake in Cummins in the fourth quarter worth approximately $32,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.
Cummins Trading Up 0.6%
NYSE CMI opened at $659.77 on Friday. Cummins Inc. has a 1-year low of $307.90 and a 1-year high of $718.08. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $91.04 billion, a PE ratio of 34.24, a price-to-earnings-growth ratio of 1.61 and a beta of 1.23. The firm's fifty day simple moving average is $648.43 and its 200-day simple moving average is $583.26.
Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the prior year, the business posted $5.96 earnings per share. Cummins's revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins Inc. will post 29.29 earnings per share for the current fiscal year.
Cummins Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins's dividend payout ratio is presently 41.52%.
Analyst Ratings Changes
A number of research firms have weighed in on CMI. Barclays upped their target price on Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Evercore reiterated an "outperform" rating and set a $845.00 price objective on shares of Cummins in a research report on Monday, May 11th. Weiss Ratings downgraded Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, May 6th. Argus increased their price objective on Cummins from $696.00 to $770.00 and gave the company a "buy" rating in a research report on Monday, June 1st. Finally, Robert W. Baird set a $700.00 price objective on Cummins in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $726.14.
Check Out Our Latest Stock Analysis on CMI
Insider Activity
In other Cummins news, VP Donald G. Jackson sold 730 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares of the company's stock, valued at $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Brett Michael Merritt sold 701 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider directly owned 10,404 shares in the company, valued at $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 13,579 shares of company stock valued at $9,377,684. Corporate insiders own 0.30% of the company's stock.
About Cummins
(
Free Report)
Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.
The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.
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