Jacobs Levy Equity Management Inc. Purchases Shares of 112,334 Cummins Inc. (NYSE:CMI)

Jacobs Levy Equity Management Inc. acquired a new position in Cummins Inc. (NYSE:CMI) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 112,334 shares of the company’s stock, valued at approximately $33,099,000. Jacobs Levy Equity Management Inc. owned about 0.08% of Cummins at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. First United Bank & Trust bought a new stake in Cummins in the 4th quarter worth approximately $25,000. Private Wealth Management Group LLC purchased a new position in Cummins in the 4th quarter worth $26,000. DiNuzzo Private Wealth Inc. bought a new stake in Cummins in the fourth quarter worth $31,000. JNBA Financial Advisors grew its stake in shares of Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after buying an additional 100 shares during the last quarter. Finally, Quarry LP lifted its stake in shares of Cummins by 258.5% in the 4th quarter. Quarry LP now owns 147 shares of the company’s stock valued at $35,000 after acquiring an additional 106 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Down 0.7 %

Shares of Cummins stock traded down $2.16 during midday trading on Tuesday, hitting $289.04. The company had a trading volume of 620,714 shares, compared to its average volume of 1,902,215. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $304.24. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The stock has a market capitalization of $39.53 billion, a P/E ratio of 21.16, a P/E/G ratio of 1.83 and a beta of 0.99. The company has a 50 day moving average of $279.37 and a 200 day moving average of $275.31.

Cummins (NYSE:CMI) last released its earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.36 billion. On average, equities analysts predict that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be paid a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is currently 49.19%.

Insiders Place Their Bets

In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were purchased at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the acquisition, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction on Friday, May 24th. The shares were bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on CMI. Robert W. Baird cut their target price on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. The Goldman Sachs Group boosted their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Truist Financial decreased their target price on Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a report on Tuesday, July 2nd. TD Cowen upped their price objective on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, Citigroup assumed coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $287.18.

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.