Point72 Hong Kong Ltd Sells 14,635 Shares of Cummins Inc. (NYSE:CMI)

Point72 Hong Kong Ltd decreased its stake in Cummins Inc. (NYSE:CMI) by 79.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,857 shares of the company’s stock after selling 14,635 shares during the period. Point72 Hong Kong Ltd’s holdings in Cummins were worth $1,068,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins in the 2nd quarter worth $28,000. Cultivar Capital Inc. bought a new position in Cummins during the second quarter valued at about $28,000. Lynx Investment Advisory acquired a new position in Cummins in the 2nd quarter valued at approximately $29,000. LRI Investments LLC bought a new stake in shares of Cummins in the 1st quarter worth approximately $31,000. Finally, JNBA Financial Advisors grew its holdings in shares of Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $317.56 on Thursday. The stock has a market capitalization of $43.52 billion, a P/E ratio of 23.25, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $328.10. The firm has a 50 day moving average of $298.69 and a 200-day moving average of $289.17.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.18 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were given a dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.29%. Cummins’s dividend payout ratio is 53.29%.

Wall Street Analyst Weigh In

CMI has been the subject of several research reports. Evercore ISI raised their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Robert W. Baird raised their price objective on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. upped their target price on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Truist Financial raised their price target on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, Citigroup began coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $299.55.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Company Profile

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.