HBK Investments L P increased its position in shares of Cummins Inc. (NYSE:CMI) by 565.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 57,899 shares of the company’s stock after buying an additional 49,199 shares during the period. HBK Investments L P’s holdings in Cummins were worth $10,227,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in shares of Cummins by 8.3% during the 4th quarter. BlackRock Inc. now owns 11,675,250 shares of the company’s stock worth $2,062,319,000 after buying an additional 898,512 shares during the period. Boston Partners boosted its holdings in shares of Cummins by 33.1% during the 4th quarter. Boston Partners now owns 3,296,825 shares of the company’s stock worth $582,351,000 after buying an additional 819,719 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Cummins by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 2,122,029 shares of the company’s stock worth $374,228,000 after buying an additional 59,257 shares during the period. APG Asset Management N.V. boosted its holdings in shares of Cummins by 5.4% during the 4th quarter. APG Asset Management N.V. now owns 2,065,872 shares of the company’s stock worth $303,894,000 after buying an additional 105,100 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Cummins by 0.9% during the 4th quarter. Bank of New York Mellon Corp now owns 1,991,974 shares of the company’s stock worth $351,862,000 after buying an additional 17,704 shares during the period. 84.20% of the stock is owned by institutional investors and hedge funds.
Several research firms recently issued reports on CMI. Oppenheimer upped their price objective on shares of Cummins to $207.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Wells Fargo & Co reaffirmed a “buy” rating and set a $195.00 price objective (down from $210.00) on shares of Cummins in a report on Thursday, February 22nd. Deutsche Bank set a $169.00 price objective on shares of Cummins and gave the stock a “sell” rating in a report on Monday, February 5th. Credit Suisse Group decreased their price objective on shares of Cummins from $208.00 to $205.00 and set an “outperform” rating for the company in a report on Wednesday, February 7th. Finally, Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $193.00 target price for the company in a research note on Friday, February 9th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $187.61.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $3.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.65 by $0.38. Cummins had a net margin of 4.89% and a return on equity of 22.18%. The company had revenue of $5.48 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the prior year, the company posted $2.25 EPS. The business’s revenue was up 21.6% on a year-over-year basis. sell-side analysts forecast that Cummins Inc. will post 12.55 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 8th. Stockholders of record on Friday, February 23rd were paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is 72.61%.
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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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