Los Angeles Capital Management LLC Purchases 6,371 Shares of Cummins Inc. (NYSE:CMI)

Los Angeles Capital Management LLC boosted its position in shares of Cummins Inc. (NYSE:CMI) by 18.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 40,482 shares of the company’s stock after acquiring an additional 6,371 shares during the period. Los Angeles Capital Management LLC’s holdings in Cummins were worth $13,108,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Colonial River Investments LLC grew its holdings in Cummins by 87.5% during the 3rd quarter. Colonial River Investments LLC now owns 1,847 shares of the company’s stock valued at $598,000 after buying an additional 862 shares in the last quarter. Axxcess Wealth Management LLC grew its holdings in Cummins by 152.2% during the 3rd quarter. Axxcess Wealth Management LLC now owns 2,484 shares of the company’s stock valued at $804,000 after buying an additional 1,499 shares in the last quarter. Covestor Ltd grew its holdings in Cummins by 112.6% during the 3rd quarter. Covestor Ltd now owns 423 shares of the company’s stock valued at $137,000 after buying an additional 224 shares in the last quarter. Essex Savings Bank grew its holdings in Cummins by 32.2% during the 3rd quarter. Essex Savings Bank now owns 3,287 shares of the company’s stock valued at $1,064,000 after buying an additional 800 shares in the last quarter. Finally, Field & Main Bank grew its holdings in Cummins by 4.9% during the 3rd quarter. Field & Main Bank now owns 2,460 shares of the company’s stock valued at $796,000 after buying an additional 115 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.6 %

NYSE CMI opened at $358.43 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The company has a fifty day moving average of $322.99 and a two-hundred day moving average of $299.21. The firm has a market capitalization of $49.17 billion, a price-to-earnings ratio of 23.67, a PEG ratio of 1.77 and a beta of 0.97. Cummins Inc. has a 52 week low of $216.91 and a 52 week high of $370.21.

Cummins (NYSE:CMI) last released its 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 return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the company earned $4.73 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 20.32 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.03%. Cummins’s dividend payout ratio (DPR) is 48.08%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Citigroup increased their price objective on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Truist Financial raised their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. Finally, Robert W. Baird raised their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Two equities 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $324.83.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on 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 sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through 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 value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.