Jacobs Levy Equity Management Inc. Purchases 14,940 Shares of Cummins Inc. (NYSE:CMI)

Jacobs Levy Equity Management Inc. increased its holdings in Cummins Inc. (NYSE:CMI) by 8.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 197,453 shares of the company’s stock after buying an additional 14,940 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Cummins were worth $63,933,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins during the 2nd quarter valued at about $28,000. Cultivar Capital Inc. purchased a new position in shares of Cummins in the second quarter valued at approximately $28,000. Lynx Investment Advisory acquired a new stake in Cummins during the second quarter worth $29,000. Prospera Private Wealth LLC acquired a new position in shares of Cummins in the 3rd quarter worth approximately $32,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in shares of Cummins during the third quarter worth about $34,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 6,489 shares of company stock worth $2,357,531 in the last quarter. Corporate insiders own 0.56% of the company’s stock.

Cummins Trading Up 0.8 %

Shares of NYSE:CMI opened at $377.87 on Tuesday. The company’s 50-day moving average price is $342.77 and its 200 day moving average price is $307.44. The company has a market cap of $51.84 billion, a PE ratio of 24.96, a P/E/G ratio of 1.82 and a beta of 0.99. Cummins Inc. has a fifty-two week low of $224.60 and a fifty-two week high of $379.66. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period in the previous year, the company earned $4.73 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is presently 48.08%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CMI. Barclays boosted their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Citigroup raised their price target on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, The Goldman Sachs Group increased their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $337.67.

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.