Lecap Asset Management Ltd. Makes New $2.69 Million Investment in Cummins Inc. (NYSE:CMI)

Lecap Asset Management Ltd. purchased a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 11,216 shares of the company's stock, valued at approximately $2,687,000. Cummins accounts for about 1.0% of Lecap Asset Management Ltd.'s holdings, making the stock its 9th largest position.

Other institutional investors have also recently bought and sold shares of the company. Synovus Financial Corp grew its holdings in shares of Cummins by 254.4% during the 1st quarter. Synovus Financial Corp now owns 6,099 shares of the company's stock valued at $1,242,000 after acquiring an additional 4,378 shares in the last quarter. Cibc World Market Inc. grew its stake in Cummins by 65.4% in the first quarter. Cibc World Market Inc. now owns 18,194 shares of the company's stock valued at $3,732,000 after purchasing an additional 7,191 shares in the last quarter. Sei Investments Co. increased its position in Cummins by 16.1% in the 1st quarter. Sei Investments Co. now owns 94,391 shares of the company's stock worth $19,282,000 after purchasing an additional 13,058 shares during the last quarter. Prudential PLC purchased a new stake in shares of Cummins during the 1st quarter worth about $711,000. Finally, Cetera Investment Advisers grew its stake in shares of Cummins by 43.0% in the 1st quarter. Cetera Investment Advisers now owns 6,403 shares of the company's stock valued at $1,313,000 after buying an additional 1,925 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of CMI stock traded down $4.23 during trading hours on Friday, reaching $298.63. 866,451 shares of the company's stock were exchanged, compared to its average volume of 3,095,263. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $40.84 billion, a P/E ratio of 57.65, a P/E/G ratio of 2.06 and a beta of 1.04. The business has a fifty day moving average price of $275.89 and a 200-day moving average price of $246.28.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the previous year, the company earned $4.52 earnings per share. Cummins's revenue for the quarter was up 9.9% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 18.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 annualized dividend and a yield of 2.25%. Cummins's dividend payout ratio (DPR) is 129.73%.

Insider Transactions at Cummins

In other news, Director Daniel William Fisher bought 562 shares of the business's stock in a transaction that occurred on Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the purchase, the director now owns 1,068 shares of the company's stock, valued at approximately $284,696.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Jennifer Rumsey sold 739 shares of the company's stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at approximately $720,123.18. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daniel William Fisher bought 562 shares of the business's stock in a transaction that occurred on Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the transaction, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 51,289 shares of company stock valued at $13,576,838. 1.12% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CMI has been the topic of several recent research reports. StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a research report on Monday, March 4th. TD Cowen upped their price objective on shares of Cummins from $260.00 to $272.00 and gave the stock an "outperform" rating in a report on Wednesday, February 7th. Bank of America downgraded shares of Cummins from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. JPMorgan Chase & Co. boosted their price target on Cummins from $245.00 to $275.00 and gave the stock an "underweight" rating in a research report on Monday, March 25th. Finally, TheStreet lowered Cummins from an "a-" rating to a "c+" rating in a report on Tuesday, February 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of "Hold" and a consensus target price of $276.10.

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.