Twin Tree Management LP Sells 4,156 Shares of Cummins Inc. $CMI

Key Points

• Twin Tree Management LP has reduced its stake in Cummins Inc. by 69.4%, selling 4,156 shares, and now holds 1,830 shares valued at $574,000.
• Several large investors increased their positions in Cummins, with Balyasny Asset Management raising its stake by 5,553.8%, owning 134,052 shares worth $46.73 million.
• Cummins announced an increase in its quarterly dividend to $2.00, representing a yield of 2.0%, set to be paid on September 4th.

Twin Tree Management LP cut its position in Cummins Inc. (NYSE:CMI - Free Report) by 69.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,830 shares of the company's stock after selling 4,156 shares during the quarter. Twin Tree Management LP's holdings in Cummins were worth $574,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after acquiring an additional 83 shares during the last quarter. Aptus Capital Advisors LLC raised its position in shares of Cummins by 341.3% during the fourth quarter. Aptus Capital Advisors LLC now owns 5,071 shares of the company's stock worth $1,768,000 after acquiring an additional 3,922 shares during the last quarter. Benjamin Edwards Inc. raised its position in shares of Cummins by 2.6% during the fourth quarter. Benjamin Edwards Inc. now owns 34,584 shares of the company's stock worth $12,080,000 after acquiring an additional 861 shares during the last quarter. Balyasny Asset Management L.P. raised its position in shares of Cummins by 5,553.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 134,052 shares of the company's stock worth $46,731,000 after acquiring an additional 131,681 shares during the last quarter. Finally, Brown Advisory Inc. raised its position in shares of Cummins by 3.2% during the fourth quarter. Brown Advisory Inc. now owns 187,144 shares of the company's stock worth $65,239,000 after acquiring an additional 5,787 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CMI. Truist Financial raised their price objective on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Morgan Stanley lifted their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Evercore ISI reiterated an "outperform" rating on shares of Cummins in a report on Tuesday, August 19th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Finally, Robert W. Baird lifted their target price on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Seven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $370.83.

Cummins Trading Down 0.9%

Shares of Cummins stock opened at $398.43 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $408.38. The stock has a 50 day moving average price of $364.99 and a two-hundred day moving average price of $335.23. The stock has a market capitalization of $54.90 billion, a PE ratio of 18.73, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. During the same quarter last year, the firm posted $5.26 earnings per share. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's payout ratio is 37.61%.

Insider Transactions at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the sale, the director owned 5,227 shares of the company's stock, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,039 shares of company stock valued at $10,385,075. Company insiders own 0.41% of the company's stock.

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.

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