Los Angeles Capital Management LLC Increases Stock Position in Cummins Inc. (NYSE:CMI)

Los Angeles Capital Management LLC grew its position in Cummins Inc. (NYSE:CMI - Free Report) by 18.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,482 shares of the company's stock after purchasing an additional 6,371 shares during the quarter. Los Angeles Capital Management LLC's holdings in Cummins were worth $13,108,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins during the second quarter worth $28,000. Cultivar Capital Inc. acquired a new stake in Cummins during the second quarter worth about $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins during the 2nd quarter worth $29,000. LRI Investments LLC bought a new stake in shares of Cummins in the 1st quarter valued at $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in shares of Cummins during the 3rd quarter worth approximately $34,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Down 0.5 %

Cummins stock traded down $1.77 during midday trading on Tuesday, reaching $356.66. The company's stock had a trading volume of 202,856 shares, compared to its average volume of 1,490,462. The stock's 50-day simple moving average is $323.90 and its 200-day simple moving average is $299.69. Cummins Inc. has a 52-week low of $216.91 and a 52-week high of $370.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.82. The stock has a market capitalization of $48.93 billion, a P/E ratio of 23.67, a PEG ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins's quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the business earned $4.73 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 20.32 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.04%. Cummins's payout ratio is 48.08%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Robert W. Baird lifted their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Truist Financial upped their price objective on Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a report on Wednesday, October 9th. The Goldman Sachs Group boosted their price target on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. lifted their price objective on Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a research report on Friday, October 11th. Finally, Vertical Research cut Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $324.83.

Insider Activity

In other news, SVP Tony Satterthwaite sold 24,250 shares of the business's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company's stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Sharon R. Barner sold 2,001 shares of the company's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,456,419.29. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,193 shares of company stock worth $9,685,552 over the last ninety days. Corporate insiders own 0.56% of the company's stock.

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.