Point72 Hong Kong Ltd Acquires 8,951 Shares of Cummins Inc. (NYSE:CMI)

Point72 Hong Kong Ltd increased its stake in Cummins Inc. (NYSE:CMI - Free Report) by 95.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,332 shares of the company's stock after purchasing an additional 8,951 shares during the period. Point72 Hong Kong Ltd's holdings in Cummins were worth $6,391,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CMI. Pallas Capital Advisors LLC raised its stake in Cummins by 4.6% during the 4th quarter. Pallas Capital Advisors LLC now owns 918 shares of the company's stock valued at $320,000 after acquiring an additional 40 shares in the last quarter. SeaCrest Wealth Management LLC raised its stake in Cummins by 6.1% during the 4th quarter. SeaCrest Wealth Management LLC now owns 974 shares of the company's stock valued at $340,000 after acquiring an additional 56 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its position in shares of Cummins by 3.7% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 3,744 shares of the company's stock valued at $1,305,000 after purchasing an additional 134 shares during the period. Rockland Trust Co. increased its position in shares of Cummins by 32.6% during the 4th quarter. Rockland Trust Co. now owns 2,873 shares of the company's stock valued at $1,002,000 after purchasing an additional 706 shares during the period. Finally, Kathmere Capital Management LLC increased its position in shares of Cummins by 21.2% during the 4th quarter. Kathmere Capital Management LLC now owns 896 shares of the company's stock valued at $312,000 after purchasing an additional 157 shares during the period. Institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

CMI has been the topic of several research analyst reports. Barclays lifted their price target on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Evercore ISI lifted their price target on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. StockNews.com cut Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. UBS Group cut Cummins from a "buy" rating to a "sell" rating and lowered their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, JPMorgan Chase & Co. lifted their price target on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Cummins currently has a consensus rating of "Hold" and a consensus price target of $354.83.

Insider Activity at Cummins

In related news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.41% of the company's stock.

Cummins Stock Performance

Shares of Cummins stock traded up $2.67 during trading on Friday, reaching $334.78. The company's stock had a trading volume of 782,982 shares, compared to its average volume of 806,851. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. 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 cap of $46.12 billion, a price-to-earnings ratio of 11.88, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The business's fifty day moving average price is $304.05 and its 200-day moving average price is $341.44.

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

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.17%. Cummins's dividend payout ratio is 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.