Los Angeles Capital Management LLC Purchases 3,142 Shares of Cummins Inc. (NYSE:CMI)

Los Angeles Capital Management LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,257 shares of the company's stock after buying an additional 3,142 shares during the period. Los Angeles Capital Management LLC's holdings in Cummins were worth $13,558,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Meeder Asset Management Inc. lifted its stake in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after acquiring an additional 52 shares in the last quarter. Olde Wealth Management LLC acquired a new position in shares of Cummins in the first quarter valued at $30,000. Capital A Wealth Management LLC acquired a new stake in Cummins during the fourth quarter worth $32,000. Opal Wealth Advisors LLC bought a new stake in Cummins in the first quarter valued at about $37,000. Finally, Ritter Daniher Financial Advisory LLC DE lifted its stake in Cummins by 316.7% during the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 125 shares of the company's stock worth $44,000 after purchasing an additional 95 shares during the period. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Barclays raised their price target on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a report on Monday. Evercore ISI cut their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Citigroup restated a "buy" rating and issued a $360.00 price target (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Robert W. Baird upped their price objective on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Finally, The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and raised their target price for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $361.92.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone purchased 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director owned 2,441 shares of the company's stock, valued at $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.41% of the company's stock.

Cummins Trading Down 1.6%

CMI traded down $5.53 during trading on Monday, reaching $344.87. 1,087,402 shares of the stock traded hands, compared to its average volume of 777,258. The stock has a market capitalization of $47.51 billion, a PE ratio of 17.16, a P/E/G ratio of 1.95 and a beta of 1.03. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The stock's 50-day moving average is $327.72 and its 200 day moving average is $330.63. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company's quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.08 earnings per share. Equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, August 22nd. This is a boost from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is 39.80%.

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.