Cummins Inc. $CMI Shares Bought by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. increased its holdings in Cummins Inc. (NYSE:CMI) by 14,497.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 333,837 shares of the company’s stock after purchasing an additional 331,550 shares during the quarter. Balyasny Asset Management L.P.’s holdings in Cummins were worth $170,407,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CMI. Northwestern Mutual Wealth Management Co. increased its stake in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. Norges Bank purchased a new stake in Cummins during the 4th quarter worth approximately $863,441,000. Boston Partners purchased a new stake in Cummins during the 3rd quarter worth approximately $473,471,000. London Co. of Virginia purchased a new stake in Cummins during the 3rd quarter worth approximately $231,732,000. Finally, First Trust Advisors LP increased its stake in Cummins by 245.1% during the 4th quarter. First Trust Advisors LP now owns 542,796 shares of the company’s stock worth $277,071,000 after buying an additional 385,525 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 2.6%

Shares of Cummins stock opened at $718.51 on Thursday. The firm has a market capitalization of $99.15 billion, a price-to-earnings ratio of 37.29, a PEG ratio of 1.71 and a beta of 1.23. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $733.48. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The stock has a 50 day moving average of $657.38 and a 200 day moving average of $588.25.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $5.96 earnings per share. As a group, research analysts predict that Cummins Inc. will post 29.29 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio is presently 41.52%.

Insider Activity at Cummins

In other Cummins news, VP Marvin Boakye sold 3,481 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the transaction, the vice president directly owned 8,508 shares in the company, valued at $5,784,589.20. This represents a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. This trade represents a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,579 shares of company stock valued at $9,377,684 over the last ninety days. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CMI shares. Raymond James Financial boosted their price objective on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Finally, UBS Group restated a “buy” rating on shares of Cummins in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $731.86.

Cummins 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.