Hudson Bay Capital Management LP Takes $5.58 Million Position in Cummins Inc. (NYSE:CMI)

Hudson Bay Capital Management LP purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 16,008 shares of the company's stock, valued at approximately $5,580,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mariner Investment Group LLC acquired a new stake in Cummins in the 4th quarter valued at $1,046,000. FMR LLC grew its holdings in shares of Cummins by 5.7% during the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after buying an additional 67,266 shares during the last quarter. Fayez Sarofim & Co increased its position in shares of Cummins by 72.3% during the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock worth $2,857,000 after acquiring an additional 3,440 shares in the last quarter. National Bank of Canada FI raised its holdings in shares of Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after acquiring an additional 3,298 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Cummins by 4.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock worth $54,876,000 after acquiring an additional 6,107 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Truist Financial lowered their price target on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Robert W. Baird cut their price target on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Evercore ISI increased their price target on shares of Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. Finally, UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and reduced their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $354.83.

Cummins Stock Performance

Shares of NYSE CMI traded up $2.67 during mid-day trading on Friday, hitting $334.78. The company had a trading volume of 782,982 shares, compared to its average volume of 809,465. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a market capitalization of $46.12 billion, a price-to-earnings ratio of 11.88, a P/E/G ratio of 2.19 and a beta of 1.02. The stock's 50-day moving average price is $303.94 and its 200-day moving average price is $341.35.

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, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same period last year, the business earned $5.08 earnings per share. Cummins's revenue was down 2.7% compared to the same quarter last year. On average, sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be given a $1.82 dividend. The ex-dividend date is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.17%. Cummins's dividend payout ratio (DPR) is currently 36.22%.

Insider Activity

In other Cummins news, Director John H. Stone purchased 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The stock was purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director now owns 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.41% of the company's stock.

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.