Los Angeles Capital Management LLC Trims Stake in Cummins Inc. $CMI

Los Angeles Capital Management LLC lowered its position in Cummins Inc. (NYSE:CMI) by 2.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 42,097 shares of the company’s stock after selling 1,160 shares during the period. Los Angeles Capital Management LLC’s holdings in Cummins were worth $13,787,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Orca Wealth Management LLC boosted its holdings in Cummins by 0.6% during the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock valued at $1,509,000 after acquiring an additional 28 shares during the period. V Square Quantitative Management LLC lifted its position in shares of Cummins by 1.0% during the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock worth $1,076,000 after purchasing an additional 31 shares during the last quarter. Bank of Jackson Hole Trust boosted its stake in shares of Cummins by 1.2% during the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after purchasing an additional 33 shares during the period. Scotia Capital Inc. boosted its stake in shares of Cummins by 0.5% during the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock valued at $2,104,000 after purchasing an additional 34 shares during the period. Finally, Van Hulzen Asset Management LLC grew its holdings in shares of Cummins by 1.2% in the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock worth $872,000 after purchasing an additional 34 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CMI shares. Truist Financial lifted their price objective on shares of Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a report on Friday. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Barclays raised their price objective on Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a report on Monday, October 20th. Finally, Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Ten equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $428.93.

Cummins Stock Performance

Shares of NYSE:CMI opened at $474.10 on Friday. The firm has a 50 day moving average of $420.80 and a 200 day moving average of $369.17. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $65.32 billion, a price-to-earnings ratio of 22.29, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $482.53.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. During the same period in the previous year, the company posted $5.86 EPS. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Insider Activity

In related news, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares in the company, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president owned 955 shares of the company’s stock, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 37,949 shares of company stock worth $15,674,705 in the last quarter. 0.41% of the stock is currently owned by corporate insiders.

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.