L & S Advisors Inc Makes New $10.99 Million Investment in Cummins Inc. (NYSE:CMI)

L & S Advisors Inc purchased a new position in Cummins Inc. (NYSE:CMI) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 33,952 shares of the company’s stock, valued at approximately $10,993,000. Cummins comprises approximately 1.1% of L & S Advisors Inc’s holdings, making the stock its 18th largest position.

A number of other hedge funds and other institutional investors have also made changes to their positions in CMI. Clearbridge Investments LLC acquired a new stake in shares of Cummins in the first quarter worth $236,000. Lake Street Advisors Group LLC increased its stake in shares of Cummins by 17.4% in the first quarter. Lake Street Advisors Group LLC now owns 1,306 shares of the company’s stock worth $385,000 after acquiring an additional 194 shares during the period. Shell Asset Management Co. acquired a new stake in shares of Cummins in the first quarter worth $406,000. CreativeOne Wealth LLC acquired a new stake in shares of Cummins in the first quarter worth $318,000. Finally, Advisors Asset Management Inc. increased its stake in shares of Cummins by 60.4% in the first quarter. Advisors Asset Management Inc. now owns 16,120 shares of the company’s stock worth $4,750,000 after acquiring an additional 6,071 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,540,879.47. This trade represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,576 shares of company stock valued at $9,033,945 over the last ninety days. Company insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on CMI shares. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Finally, Barclays raised 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. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cummins presently has a consensus rating of “Hold” and an average target price of $337.67.

Cummins Stock Performance

NYSE:CMI opened at $353.99 on Thursday. The company’s 50-day moving average price is $332.94 and its 200-day moving average price is $303.34. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market cap of $48.56 billion, a P/E ratio of 23.84, a P/E/G ratio of 1.77 and a beta of 0.97. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.21.

Cummins (NYSE:CMI) last posted its quarterly 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 net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the firm posted $4.73 earnings per share. The company’s revenue for the quarter was up .3% on a year-over-year basis. On average, sell-side analysts forecast that Cummins Inc. will post 20.57 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

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.