Alkeon Capital Management LLC Invests $96.99 Million in Cummins Inc. $CMI

Alkeon Capital Management LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 190,000 shares of the company’s stock, valued at approximately $96,986,000. Alkeon Capital Management LLC owned approximately 0.14% of Cummins as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of CMI. Fisher Asset Management LLC boosted its stake in Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after buying an additional 91,956 shares in the last quarter. Accredited Wealth Management LLC boosted its stake in Cummins by 3,100.0% in the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after buying an additional 3,100 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its stake in Cummins by 5.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 48,795 shares of the company’s stock valued at $20,610,000 after buying an additional 2,574 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in Cummins in the third quarter valued at about $11,129,000. Finally, Payden & Rygel acquired a new stake in Cummins in the third quarter valued at about $9,757,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Barclays raised their price objective on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Wells Fargo & Company raised their price objective on Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Argus lifted their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Finally, Morgan Stanley lifted their price target on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $726.14.

Cummins Price Performance

Shares of CMI opened at $679.66 on Tuesday. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $718.08. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The company has a market capitalization of $93.79 billion, a price-to-earnings ratio of 35.27, a price-to-earnings-growth ratio of 1.61 and a beta of 1.24. The business has a 50-day moving average of $651.02 and a 200-day moving average of $585.26.

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, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period last year, the company earned $5.96 earnings per share. The firm’s revenue was up 2.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 29.29 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s payout ratio is presently 41.52%.

Insiders Place Their Bets

In other Cummins news, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the sale, the vice president owned 9,447 shares of the company’s stock, valued at approximately $6,556,784.82. The trade was a 6.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last 90 days. Company insiders own 0.30% of the company’s stock.

Cummins Company Profile

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.