Cummins Inc. (NYSE:CMI) Shares Bought by Hsbc Holdings PLC

Hsbc Holdings PLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 11.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 648,990 shares of the company’s stock after buying an additional 68,923 shares during the period. Hsbc Holdings PLC’s holdings in Cummins were worth $179,265,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CMI. Truist Financial lifted their target price on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Evercore ISI raised their price target on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. JPMorgan Chase & Co. upped their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Finally, Citigroup began coverage on Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $299.55.

Cummins Stock Up 0.2 %

Shares of NYSE CMI opened at $301.59 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The firm’s 50-day moving average is $296.14 and its two-hundred day moving average is $287.73. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83. The company has a market capitalization of $41.25 billion, a PE ratio of 22.08, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same quarter in the prior year, the company earned $5.18 EPS. Cummins’s revenue was up 2.3% on a year-over-year basis. Equities analysts anticipate that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.41%. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Insider Transactions at Cummins

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

About Cummins

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.