Point72 Asia Hong Kong Ltd Has $252,000 Position in Cummins Inc. (NYSE:CMI)
Point72 Asia Hong Kong Ltd increased its position in shares of Cummins Inc. (NYSE:CMI) by 22.7% during the first quarter, Holdings Channel reports. The firm owned 1,666 shares of the company’s stock after buying an additional 308 shares during the period. Point72 Asia Hong Kong Ltd’s holdings in Cummins were worth $252,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. increased its position in Cummins by 4.0% in the fourth quarter. UBS Asset Management Americas Inc. now owns 565,129 shares of the company’s stock worth $77,236,000 after buying an additional 21,607 shares during the period. Teachers Advisors LLC increased its position in Cummins by 95.2% in the fourth quarter. Teachers Advisors LLC now owns 565,071 shares of the company’s stock worth $77,228,000 after buying an additional 275,553 shares during the period. Kentucky Retirement Systems bought a new position in Cummins during the fourth quarter worth about $1,529,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Cummins during the fourth quarter worth about $682,000. Finally, Highbridge Capital Management LLC increased its position in Cummins by 296.1% in the fourth quarter. Highbridge Capital Management LLC now owns 18,373 shares of the company’s stock worth $2,511,000 after buying an additional 13,734 shares during the period. Institutional investors and hedge funds own 79.95% of the company’s stock.
Shares of Cummins Inc. (NYSE CMI) opened at 165.22 on Friday. Cummins Inc. has a 12-month low of $116.03 and a 12-month high of $167.17. The company has a market cap of $27.64 billion, a PE ratio of 18.94 and a beta of 1.08. The company has a 50 day moving average of $161.63 and a 200-day moving average of $152.87.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 2nd. The company reported $2.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.81 by $0.55. Cummins had a net margin of 8.25% and a return on equity of 20.87%. The company had revenue of $4.59 billion for the quarter, compared to analysts’ expectations of $4.15 billion. During the same quarter last year, the company posted $1.87 earnings per share. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be issued a $1.08 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a yield of 2.61%. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio (DPR) is currently 46.96%.
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A number of equities analysts have issued reports on CMI shares. Credit Suisse Group AG set a $173.00 price target on Cummins and gave the company a “buy” rating in a research note on Monday, March 27th. Barclays PLC set a $137.00 target price on Cummins and gave the stock a “hold” rating in a research note on Saturday, April 1st. Seaport Global Securities initiated coverage on Cummins in a research note on Thursday, April 6th. They issued a “neutral” rating on the stock. Deutsche Bank AG boosted their target price on Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a research note on Thursday, April 6th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $150.00 target price on shares of Cummins in a research note on Wednesday, April 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company. Cummins has a consensus rating of “Hold” and a consensus price target of $151.84.
In related news, insider Steven M. Chapman sold 6,540 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $163.00, for a total value of $1,066,020.00. Following the sale, the insider now owns 17,042 shares in the company, valued at $2,777,846. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tony Satterthwaite sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $151.03, for a total transaction of $604,120.00. Following the completion of the sale, the insider now owns 41,902 shares in the company, valued at approximately $6,328,459.06. The disclosure for this sale can be found here. Insiders sold 79,176 shares of company stock worth $12,900,695 in the last 90 days. 0.62% of the stock is currently owned by corporate insiders.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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