L & S Advisors Inc Trims Stock Holdings in Cummins Inc. (NYSE:CMI)

L & S Advisors Inc cut its stake in Cummins Inc. (NYSE:CMI - Free Report) by 23.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,149 shares of the company's stock after selling 7,803 shares during the quarter. Cummins makes up approximately 1.0% of L & S Advisors Inc's investment portfolio, making the stock its 25th largest position. L & S Advisors Inc's holdings in Cummins were worth $9,116,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CMI. Mariner Investment Group LLC purchased a new position in Cummins during the fourth quarter valued at $1,046,000. Franklin Resources Inc. boosted its holdings in Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock worth $79,017,000 after buying an additional 99,464 shares during the last quarter. Axxcess Wealth Management LLC increased its stake in Cummins by 133.4% during the 4th quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company's stock worth $2,021,000 after buying an additional 3,314 shares in the last quarter. Concurrent Investment Advisors LLC raised its holdings in shares of Cummins by 296.0% during the fourth quarter. Concurrent Investment Advisors LLC now owns 11,841 shares of the company's stock valued at $4,128,000 after acquiring an additional 8,851 shares during the last quarter. Finally, Capital Investment Advisors LLC boosted its stake in shares of Cummins by 2.0% in the fourth quarter. Capital Investment Advisors LLC now owns 110,386 shares of the company's stock worth $38,481,000 after acquiring an additional 2,211 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

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Analysts Set New Price Targets

CMI has been the topic of several recent research reports. Citigroup lowered their target price on shares of Cummins from $430.00 to $360.00 and set a "buy" rating on the stock in a research note on Monday. JPMorgan Chase & Co. dropped their price objective on shares of Cummins from $420.00 to $375.00 and set a "neutral" rating for the company in a research note on Tuesday, March 18th. Jefferies Financial Group increased their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a report on Friday, December 6th. Barclays boosted their target price on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Finally, Truist Financial increased their price target on Cummins from $424.00 to $425.00 and gave the company a "hold" rating in a report on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $383.67.

Cummins Trading Up 0.9 %

Shares of NYSE CMI traded up $2.78 during midday trading on Wednesday, reaching $318.14. 247,561 shares of the stock were exchanged, compared to its average volume of 884,495. The stock has a 50 day moving average price of $350.07 and a 200-day moving average price of $349.00. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $43.74 billion, a P/E ratio of 11.29, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts' consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the prior year, the company posted $4.14 EPS. The company's quarterly revenue was down 1.1% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.29%. Cummins's dividend payout ratio (DPR) is 25.84%.

About Cummins

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.