L & S Advisors Inc trimmed its stake in Cummins Inc. (NYSE:CMI - Free Report) by 34.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,160 shares of the company's stock after selling 8,432 shares during the quarter. L & S Advisors Inc's holdings in Cummins were worth $8,249,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Frank Rimerman Advisors LLC grew its stake in Cummins by 0.5% during 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 last quarter. Financial Consulate Inc. grew its stake in Cummins by 16.8% during 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 last quarter. Gilbert & Cook Inc. grew its stake in Cummins by 1.0% during 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 last quarter. Sound View Wealth Advisors Group LLC grew its stake in Cummins by 2.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company's stock valued at $501,000 after purchasing an additional 20 shares during the last quarter. Finally, Red Door Wealth Management LLC grew its stake in Cummins by 2.3% during the 4th quarter. Red Door Wealth Management LLC now owns 878 shares of the company's stock valued at $448,000 after purchasing an additional 20 shares during the last quarter. 83.46% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several analysts have weighed in on CMI shares. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Wells Fargo & Company upped their target price on Cummins from $693.00 to $794.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Truist Financial set a $815.00 target price on Cummins in a research note on Wednesday, May 6th. Zacks Research upgraded Cummins from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Finally, Sanford C. Bernstein set a $600.00 target price on Cummins and gave the stock a "market perform" rating in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $677.87.
Check Out Our Latest Analysis on Cummins
Insider Buying and Selling
In related news, CAO Nicole Lamb-Hale sold 2,408 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief accounting officer owned 14,084 shares of the company's stock, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the company's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares of the company's stock, valued at $8,344,773.06. The trade was a 29.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,397 shares of company stock worth $14,465,833 in the last ninety days. 0.30% of the stock is owned by corporate insiders.
Cummins Stock Performance
NYSE CMI opened at $698.36 on Friday. The stock has a market capitalization of $96.37 billion, a price-to-earnings ratio of 36.24, a PEG ratio of 1.76 and a beta of 1.27. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a 50-day moving average of $601.51 and a 200 day moving average of $554.63.
Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins's quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.96 EPS. Sell-side analysts anticipate that Cummins Inc. will post 28.39 EPS for the current fiscal year.
Cummins Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. Cummins's dividend payout ratio is presently 41.52%.
About Cummins
(
Free Report)
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.
Further Reading
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