L & S Advisors Inc Acquires 5,087 Shares of Cummins Inc. $CMI

L & S Advisors Inc lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 26.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,592 shares of the company’s stock after purchasing an additional 5,087 shares during the period. Cummins accounts for 1.0% of L & S Advisors Inc’s holdings, making the stock its 28th biggest position. L & S Advisors Inc’s holdings in Cummins were worth $10,387,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Cummins in the 2nd quarter worth $505,941,000. American Century Companies Inc. raised its stake in shares of Cummins by 138.8% during the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after acquiring an additional 528,689 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Cummins by 50.8% in the 3rd 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. Ontario Teachers Pension Plan Board raised its stake in shares of Cummins by 5,158.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after acquiring an additional 427,670 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after acquiring an additional 344,680 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 0.5%

Shares of NYSE:CMI opened at $592.64 on Thursday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The business has a fifty day moving average of $555.11 and a two-hundred day moving average of $474.87. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The stock has a market cap of $81.88 billion, a P/E ratio of 28.88, a PEG ratio of 1.88 and a beta of 1.13.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.16 earnings per share. On average, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s payout ratio is 38.99%.

Wall Street Analyst Weigh In

CMI has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Raymond James Financial boosted their price target on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a report on Monday, January 26th. Morgan Stanley reiterated an “overweight” rating and set a $675.00 price objective on shares of Cummins in a report on Friday, February 6th. Finally, Truist Financial reissued a “buy” rating and issued a $703.00 price target (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Insider Activity

In other Cummins news, Director William I. Miller sold 18,107 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the transaction, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider directly owned 9,271 shares in the company, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.41% of the company’s stock.

Cummins 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.