Alkeon Capital Management LLC Invests $96.99 Million in Cummins Inc. $CMI

Alkeon Capital Management LLC bought a new position in Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 190,000 shares of the company’s stock, valued at approximately $96,986,000.

Several other hedge funds have also bought and sold shares of the business. Nicolet Advisory Services LLC grew its position in Cummins by 1.6% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after purchasing an additional 17 shares during the period. Frank Rimerman Advisors LLC grew its position in Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after purchasing an additional 18 shares during the period. Financial Consulate Inc. grew its position in Cummins by 16.8% in the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after purchasing an additional 18 shares during the period. ICW Investment Advisors LLC grew its position in Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after purchasing an additional 18 shares during the period. Finally, Gilbert & Cook Inc. grew its position in Cummins by 1.0% in the 4th quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock valued at $947,000 after purchasing an additional 19 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of the business’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 of the company’s stock, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares in the company, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by insiders.

Cummins Stock Up 3.0%

Shares of NYSE:CMI opened at $679.66 on Tuesday. The business’s 50 day moving average is $651.02 and its 200 day moving average is $585.26. 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 12-month low of $307.90 and a 12-month high of $718.08. The stock has a market cap of $93.79 billion, a price-to-earnings ratio of 35.27, a PEG ratio of 1.61 and a beta of 1.24.

Cummins (NYSE:CMI) last posted 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. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the previous year, the firm earned $5.96 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. On average, sell-side analysts forecast that Cummins Inc. will post 29.29 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s payout ratio is currently 41.52%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Raymond James Financial lifted their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. lifted their target price on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Morgan Stanley lifted their target price on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company lifted their target price on Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and an average target price of $726.14.

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.