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

Point72 Hong Kong Ltd raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 95.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 as of its most recent SEC filing.

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

Cummins Stock Down 0.3%

CMI stock opened at $333.47 on Thursday. The firm’s fifty day simple moving average is $303.97 and its 200-day simple moving average is $341.37. The company has a market capitalization of $45.94 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same period in the prior year, the firm posted $5.08 earnings per share. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.18%. The ex-dividend date is Friday, May 23rd. Cummins’s payout ratio is 36.22%.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research reports. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Robert W. Baird dropped their price target on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and lowered their price objective for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Truist Financial reduced their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, Citigroup raised their target price on shares of Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday. 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. Based on data from MarketBeat.com, Cummins has an average rating of “Hold” and a consensus price target of $354.83.

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.