Point72 Asset Management L.P. Buys Shares of 54,876 Cummins Inc. (NYSE:CMI)

Point72 Asset Management L.P. acquired a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 54,876 shares of the company's stock, valued at approximately $17,768,000.

A number of other large investors have also modified their holdings of CMI. Fisher Asset Management LLC raised its holdings in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after buying an additional 165,398 shares in the last quarter. Pathway Financial Advisers LLC raised its stake in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock worth $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Cummins by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company's stock valued at $469,869,000 after acquiring an additional 26,977 shares during the period. Legal & General Group Plc boosted its stake in shares of Cummins by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company's stock valued at $468,503,000 after purchasing an additional 31,190 shares in the last quarter. Finally, FMR LLC grew its holdings in shares of Cummins by 0.8% in the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company's stock worth $380,484,000 after purchasing an additional 9,245 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the firm's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares of the company's stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is currently owned by company insiders.

Cummins Trading Up 0.3 %

CMI traded up $1.03 during trading on Friday, reaching $379.60. 752,410 shares of the company's stock were exchanged, compared to its average volume of 519,641. The company's fifty day moving average price is $347.40 and its 200-day moving average price is $309.68. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm has a market capitalization of $52.07 billion, a PE ratio of 25.07, a P/E/G ratio of 1.84 and a beta of 0.99. Cummins Inc. has a fifty-two week low of $226.52 and a fifty-two week high of $382.86.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts' consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the prior year, the company posted $4.73 earnings per share. The firm's revenue was up .3% on a year-over-year basis. As a group, equities analysts forecast that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 1.92%. The ex-dividend date was Friday, November 22nd. Cummins's payout ratio is 48.08%.

Analysts Set New Price Targets

CMI has been the subject of several analyst reports. Citigroup lifted their price target on shares of Cummins from $375.00 to $415.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Vertical Research lowered Cummins from a "buy" rating to a "hold" rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. JPMorgan Chase & Co. boosted their price objective on Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a research note on Friday, October 11th. The Goldman Sachs Group raised their target price on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. Finally, Robert W. Baird raised their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cummins presently has an average rating of "Hold" and a consensus target price of $345.15.

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.