Y Intercept Hong Kong Ltd Invests $15.91 Million in Cummins Inc. $CMI

Y Intercept Hong Kong Ltd acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 29,568 shares of the company’s stock, valued at approximately $15,908,000.

Other institutional investors have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares during the last quarter. Norges Bank acquired a new position in Cummins during the fourth quarter worth $863,441,000. Boston Partners bought a new position in Cummins in the third quarter valued at $473,471,000. London Co. of Virginia bought a new position in Cummins in the third quarter valued at $231,732,000. Finally, SG Americas Securities LLC increased its stake in Cummins by 257.9% in the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock valued at $396,343,000 after buying an additional 530,812 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $662.21 on Friday. The company has a fifty day moving average price of $677.11 and a two-hundred day moving average price of $603.19. Cummins Inc. has a one year low of $325.25 and a one year high of $737.76. The stock has a market cap of $91.38 billion, a P/E ratio of 34.36, a P/E/G ratio of 1.67 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. Cummins’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.96 EPS. As a group, equities analysts predict that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is 41.52%.

Insider Activity

In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the sale, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. This represents a 14.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Citigroup boosted their price target on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Truist Financial upped their target price on Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a report on Thursday. Morgan Stanley increased their price target on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $738.00.

Cummins Profile

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.