L & S Advisors Inc Sells 7,803 Shares of Cummins Inc. (NYSE:CMI)

L & S Advisors Inc reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 23.0% during the 4th quarter, HoldingsChannel reports. The fund owned 26,149 shares of the company’s stock after selling 7,803 shares during the period. Cummins accounts for about 1.0% of L & S Advisors Inc’s holdings, making the stock its 25th largest position. L & S Advisors Inc’s holdings in Cummins were worth $9,116,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Allianz SE bought a new position in Cummins during the 4th quarter valued at about $736,000. Hobbs Group Advisors LLC raised its holdings in shares of Cummins by 82.5% in the fourth quarter. Hobbs Group Advisors LLC now owns 3,795 shares of the company’s stock worth $1,323,000 after buying an additional 1,716 shares during the period. Allstate Corp bought a new stake in shares of Cummins during the 4th quarter worth approximately $1,435,000. Brown Brothers Harriman & Co. boosted its holdings in Cummins by 5.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 3,718 shares of the company’s stock valued at $1,296,000 after acquiring an additional 179 shares during the period. Finally, Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. bought a new position in Cummins in the 4th quarter valued at $28,690,000. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on CMI shares. Truist Financial lifted their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Robert W. Baird lifted their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday. Barclays lifted their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Jefferies Financial Group increased their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $389.50.

Cummins Stock Performance

NYSE CMI opened at $313.45 on Friday. The stock has a market capitalization of $43.09 billion, a price-to-earnings ratio of 11.13, a PEG ratio of 2.19 and a beta of 1.01. The stock has a 50-day moving average of $352.17 and a 200 day moving average of $348.05. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.14 earnings per share. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.32%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is currently 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.