Trexquant Investment LP Buys New Stake in Cummins Inc. (CMI)
Trexquant Investment LP bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 22,469 shares of the company’s stock, valued at approximately $2,988,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Centaurus Financial Inc. purchased a new position in Cummins during the first quarter valued at $115,000. Gables Capital Management Inc. purchased a new position in Cummins during the first quarter valued at $115,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in Cummins by 5,873.3% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock valued at $119,000 after purchasing an additional 881 shares in the last quarter. McKinley Carter Wealth Services Inc. purchased a new position in Cummins during the first quarter valued at $146,000. Finally, MHI Funds LLC purchased a new position in Cummins during the second quarter valued at $147,000. Institutional investors own 81.62% of the company’s stock.
NYSE:CMI opened at $143.35 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $23.12 billion, a P/E ratio of 13.47, a PEG ratio of 0.81 and a beta of 1.11. Cummins Inc. has a 12 month low of $129.90 and a 12 month high of $194.18.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Wednesday, August 22nd will be given a $1.14 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.08. This represents a $4.56 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Tuesday, August 21st. Cummins’s payout ratio is currently 40.68%.
Several equities analysts have recently commented on the company. Morgan Stanley set a $165.00 price objective on Cummins and gave the company a “hold” rating in a research report on Monday, May 7th. Argus lowered their price objective on Cummins to $175.00 and set a “buy” rating on the stock in a research report on Friday, May 11th. They noted that the move was a valuation call. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $148.00 price objective on the stock in a research report on Tuesday, July 3rd. Stifel Nicolaus boosted their price objective on Cummins from $160.00 to $172.00 and gave the company a “buy” rating in a research report on Wednesday, August 1st. Finally, BMO Capital Markets lowered their price objective on Cummins from $180.00 to $170.00 and set a “market perform” rating on the stock in a research report on Thursday, May 3rd. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the stock. Cummins has a consensus rating of “Hold” and an average target price of $166.95.
In related news, VP Tracy A. Embree sold 462 shares of the business’s stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $141.70, for a total value of $65,465.40. Following the sale, the vice president now directly owns 4,122 shares in the company, valued at $584,087.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alexis M. Herman sold 735 shares of the business’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $139.90, for a total value of $102,826.50. The disclosure for this sale can be found here. 0.67% of the stock is currently owned by insiders.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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