Hsbc Holdings PLC Decreases Stock Holdings in Cummins Inc. $CMI

Hsbc Holdings PLC lowered its position in shares of Cummins Inc. (NYSE:CMI) by 3.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 700,726 shares of the company’s stock after selling 25,379 shares during the period. Hsbc Holdings PLC’s holdings in Cummins were worth $357,929,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CMI. Thompson Investment Management Inc. acquired a new stake in Cummins in the fourth quarter valued at $26,000. Activest Wealth Management boosted its position in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins during the 4th quarter worth about $27,000. Birchwood Financial Partners Inc. purchased a new position in shares of Cummins in the 4th quarter valued at about $28,000. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Cummins in the 4th quarter valued at about $28,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 0.1%

CMI opened at $716.50 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 52 week low of $307.90 and a 52 week high of $737.76. The business’s 50 day moving average is $663.00 and its two-hundred day moving average is $590.68. The firm has a market cap of $98.87 billion, a price-to-earnings ratio of 37.18, a price-to-earnings-growth ratio of 1.75 and a beta of 1.23.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $5.96 earnings per share. On average, research analysts predict that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on CMI shares. Truist Financial set a $815.00 target price on Cummins in a research note on Wednesday, May 6th. Raymond James Financial increased their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Barclays raised their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Finally, Argus upped their target price on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $731.86.

Insider Activity

In related news, insider Brett Michael Merritt sold 701 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares in the company, valued at $7,165,755. This represents a 6.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bonnie J. Fetch sold 652 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $700.19, for a total transaction of $456,523.88. Following the transaction, the executive vice president directly owned 11,679 shares in the company, valued at $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock worth $9,377,684 over the last 90 days. 0.30% of the stock is owned by corporate insiders.

About Cummins

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.