Jacobs Levy Equity Management Inc. Has $63.93 Million Holdings in Cummins Inc. (NYSE:CMI)

Jacobs Levy Equity Management Inc. boosted its holdings in Cummins Inc. (NYSE:CMI) by 8.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 197,453 shares of the company’s stock after purchasing an additional 14,940 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.14% of Cummins worth $63,933,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cultivar Capital Inc. bought a new stake in shares of Cummins during the 2nd quarter valued at $28,000. Prospera Private Wealth LLC bought a new stake in Cummins in the 3rd quarter valued at about $32,000. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins during the 2nd quarter worth approximately $28,000. Lynx Investment Advisory bought a new position in shares of Cummins during the 2nd quarter worth approximately $29,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins in the 3rd quarter worth approximately $34,000. 83.46% of the stock is owned by institutional investors.

Cummins Trading Up 0.8 %

Shares of NYSE:CMI opened at $377.87 on Tuesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The stock has a market capitalization of $51.84 billion, a price-to-earnings ratio of 24.96, a PEG ratio of 1.82 and a beta of 0.99. The company has a 50 day moving average price of $342.77 and a 200 day moving average price of $307.44. Cummins Inc. has a 1-year low of $224.60 and a 1-year high of $379.66.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the firm posted $4.73 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. On average, research analysts anticipate that Cummins Inc. will post 20.75 EPS 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 $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research report on Wednesday, November 6th. 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. Truist Financial raised their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Finally, Citigroup upped their price objective on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus price target of $337.67.

Cummins 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.