L & S Advisors Inc Acquires New Position in Cummins Inc. (NYSE:CMI)

L & S Advisors Inc acquired a new stake in Cummins Inc. (NYSE:CMI) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 33,952 shares of the company’s stock, valued at approximately $10,993,000. Cummins makes up 1.1% of L & S Advisors Inc’s investment portfolio, making the stock its 18th largest holding.

Other institutional investors have also recently made changes to their positions in the company. Cultivar Capital Inc. acquired a new position in Cummins during the 2nd quarter worth approximately $28,000. Prospera Private Wealth LLC acquired a new position in Cummins during the 3rd quarter worth approximately $32,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins during the 2nd quarter worth approximately $28,000. Lynx Investment Advisory acquired a new position in Cummins during the 2nd quarter worth approximately $29,000. Finally, LRI Investments LLC acquired a new position in Cummins during the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Barclays boosted their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Robert W. Baird boosted their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Citigroup boosted their price objective on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research report on Wednesday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $337.67.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,540,879.47. This represents a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock valued at $9,033,945 in the last ninety days. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Performance

Shares of CMI opened at $353.99 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The stock has a market capitalization of $48.56 billion, a P/E ratio of 23.84, a P/E/G ratio of 1.77 and a beta of 0.97. The company’s fifty day moving average is $332.94 and its two-hundred day moving average is $303.34. Cummins Inc. has a 1 year low of $220.02 and a 1 year high of $370.21.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the company posted $4.73 EPS. Cummins’s revenue was up .3% compared to the same quarter last year. On average, sell-side analysts predict that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.06%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Cummins Company Profile

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.