Qube Research & Technologies Ltd Increases Stake in Cummins Inc. $CMI

Qube Research & Technologies Ltd increased its position in shares of Cummins Inc. (NYSE:CMI) by 47.3% during the second quarter, Holdings Channel reports. The institutional investor owned 585,065 shares of the company’s stock after buying an additional 187,826 shares during the quarter. Qube Research & Technologies Ltd’s holdings in Cummins were worth $191,609,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. iSAM Funds UK Ltd lifted its stake in Cummins by 634.7% in the second quarter. iSAM Funds UK Ltd now owns 6,649 shares of the company’s stock worth $2,178,000 after acquiring an additional 5,744 shares during the last quarter. State Street Corp lifted its position in shares of Cummins by 1.4% during the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after purchasing an additional 92,073 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Cummins by 6.0% during the second quarter. Daiwa Securities Group Inc. now owns 20,726 shares of the company’s stock worth $6,788,000 after purchasing an additional 1,179 shares in the last quarter. Certuity LLC raised its stake in Cummins by 12.3% in the second quarter. Certuity LLC now owns 951 shares of the company’s stock valued at $311,000 after buying an additional 104 shares in the last quarter. Finally, CoreFirst Bank & Trust purchased a new stake in Cummins during the 2nd quarter worth about $135,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider directly owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This trade represents a 13.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the transaction, the chief executive officer owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 36,410 shares of company stock worth $16,424,574 over the last 90 days. Company insiders own 0.41% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $499.62 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11. The business has a 50 day simple moving average of $454.11 and a 200-day simple moving average of $396.76. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $515.83. The stock has a market capitalization of $68.97 billion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 2.00 and a beta of 1.11.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The company had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. During the same period in the previous year, the company posted $5.86 EPS. Cummins’s revenue was down 1.6% compared to the same quarter last year. Equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Friday, November 21st. Cummins’s dividend payout ratio is currently 41.52%.

Analyst Upgrades and Downgrades

CMI has been the topic of several research analyst reports. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Citigroup upped their price objective on shares of Cummins from $500.00 to $530.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Sanford C. Bernstein restated a “market perform” rating and set a $475.00 price target on shares of Cummins in a research note on Friday, November 7th. Finally, Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research report on Wednesday, September 3rd. Eleven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $479.53.

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.