Cummins Inc. $CMI Shares Sold by L & S Advisors Inc

L & S Advisors Inc lowered its position in shares of Cummins Inc. (NYSE:CMI) by 34.3% in the fourth quarter, Holdings Channel.com reports. The fund 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 reporting period.

A number of other hedge funds have also made changes to their positions in CMI. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Boston Partners acquired a new position in shares of Cummins during the third quarter valued at approximately $473,471,000. London Co. of Virginia acquired a new position in shares of Cummins during the third quarter valued at approximately $231,732,000. Bank of New York Mellon Corp raised its holdings in shares of Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after acquiring an additional 488,430 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of Cummins by 103.8% during the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock valued at $280,397,000 after acquiring an additional 278,350 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CMI. Morgan Stanley increased their target price on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. UBS Group set a $565.00 price target on Cummins and gave the company a “neutral” rating in a research report on Friday, February 6th. Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target for the company. in a research report on Monday, January 26th. Citigroup upped their price target on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company upped their price target on Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average target price of $677.87.

Insider Buying and Selling

In related news, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the transaction, the vice president directly owned 15,807 shares in the company, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction that occurred on 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 owned 11,986 shares of the company’s stock, valued at $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 22,397 shares of company stock valued at $14,465,833 in the last ninety days. Company insiders own 0.30% of the company’s stock.

Cummins Price Performance

CMI stock opened at $698.36 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The business has a 50 day simple moving average of $601.51 and a 200-day simple moving average of $554.63. The firm has a market capitalization of $96.37 billion, a PE ratio of 36.24, a price-to-earnings-growth ratio of 1.76 and a beta of 1.27. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $718.08.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business earned $5.96 earnings per share. Equities research analysts anticipate that Cummins Inc. will post 28.39 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, May 22nd. Cummins’s dividend payout ratio is presently 41.52%.

Cummins Company Profile

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.