Cummins Inc. $CMI Shares Purchased by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. lifted its holdings in Cummins Inc. (NYSE:CMI) by 14,497.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 333,837 shares of the company’s stock after purchasing an additional 331,550 shares during the quarter. Balyasny Asset Management L.P. owned about 0.24% of Cummins worth $170,407,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in shares of Cummins by 47.2% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 5,941 shares of the company’s stock worth $3,037,000 after purchasing an additional 1,906 shares in the last quarter. Caisse de depot et placement du Quebec boosted its position in shares of Cummins by 360.1% in the 4th quarter. Caisse de depot et placement du Quebec now owns 241,908 shares of the company’s stock worth $123,482,000 after purchasing an additional 189,333 shares in the last quarter. Integrated Advisors Network LLC lifted its position in Cummins by 23.3% during the 4th quarter. Integrated Advisors Network LLC now owns 2,337 shares of the company’s stock worth $1,193,000 after acquiring an additional 442 shares during the period. DV Equities LLC acquired a new stake in Cummins during the 4th quarter worth about $98,000. Finally, AQR Capital Management LLC lifted its position in Cummins by 12.6% during the 4th quarter. AQR Capital Management LLC now owns 742,354 shares of the company’s stock worth $378,934,000 after acquiring an additional 82,978 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of a number of research reports. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Truist Financial set a $815.00 price target on Cummins 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. Wells Fargo & Company lifted their price target on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Evercore reaffirmed an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $731.86.

Insiders Place Their Bets

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

Cummins Stock Performance

Shares of CMI stock opened at $718.51 on Thursday. The stock has a market cap of $99.15 billion, a PE ratio of 37.29, a price-to-earnings-growth ratio of 1.71 and a beta of 1.23. The business has a 50-day simple moving average of $657.38 and a 200-day simple moving average of $588.25. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $733.48.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.96 EPS. On average, equities analysts expect that Cummins Inc. will post 29.29 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is 41.52%.

About Cummins

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.