Y Intercept Hong Kong Ltd Purchases New Stake in Cummins Inc. (NYSE:CMI)

Y Intercept Hong Kong Ltd purchased a new stake in Cummins Inc. (NYSE:CMI) in the 4th quarter, HoldingsChannel reports. The fund purchased 7,265 shares of the company’s stock, valued at approximately $2,533,000.

Other hedge funds have also bought and sold shares of the company. PFG Investments LLC lifted its stake in Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after acquiring an additional 485 shares in the last quarter. Mariner Investment Group LLC bought a new position in Cummins during the 4th quarter valued at $1,046,000. Alpha DNA Investment Management LLC bought a new position in Cummins during the 3rd quarter valued at $748,000. Franklin Resources Inc. lifted its stake in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after acquiring an additional 99,464 shares in the last quarter. Finally, Bank of Montreal Can lifted its stake in Cummins by 21.2% during the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after acquiring an additional 68,627 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 1.8 %

Shares of Cummins stock opened at $360.44 on Tuesday. Cummins Inc. has a 52-week low of $260.88 and a 52-week high of $387.90. The stock’s 50-day simple moving average is $361.38 and its 200 day simple moving average is $342.85. The stock has a market capitalization of $49.55 billion, a P/E ratio of 12.80, a P/E/G ratio of 2.19 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the previous year, the business posted $4.14 EPS. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s payout ratio is presently 25.84%.

Wall Street Analyst Weigh In

CMI has been the topic of several recent analyst reports. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Robert W. Baird raised their price objective on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Truist Financial lifted their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $386.67.

Cummins 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.