L & S Advisors Inc grew its position in shares of Cummins Inc. (NYSE:CMI) by 21.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 39,782 shares of the company’s stock after buying an additional 7,080 shares during the quarter. Cummins accounts for 1.1% of L & S Advisors Inc’s investment portfolio, making the stock its 23rd largest holding. L & S Advisors Inc’s holdings in Cummins were worth $6,685,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the business. Northwest Investment Counselors LLC acquired a new position in shares of Cummins during the 3rd quarter worth $132,000. Captrust Financial Advisors acquired a new position in shares of Cummins during the 2nd quarter worth $137,000. Acrospire Investment Management LLC acquired a new position in shares of Cummins during the 2nd quarter worth $146,000. First Interstate Bank grew its stake in shares of Cummins by 2.7% during the 2nd quarter. First Interstate Bank now owns 956 shares of the company’s stock worth $155,000 after purchasing an additional 25 shares during the period. Finally, Sun Life Financial INC grew its stake in shares of Cummins by 8,684.6% during the 2nd quarter. Sun Life Financial INC now owns 1,142 shares of the company’s stock worth $185,000 after purchasing an additional 1,129 shares during the period. Institutional investors own 82.50% of the company’s stock.
A number of equities analysts have recently weighed in on the stock. Oppenheimer assumed coverage on shares of Cummins in a research note on Thursday. They set an “outperform” rating and a $192.00 price target on the stock. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $188.00 price target on the stock in a research note on Monday, October 2nd. ValuEngine cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Saturday, November 25th. Stifel Nicolaus reaffirmed a “hold” rating and set a $190.00 price target (up from $186.00) on shares of Cummins in a research note on Wednesday, November 1st. Finally, Citigroup increased their price objective on shares of Cummins from $175.00 to $183.00 and gave the company a “neutral” rating in a research note on Friday, October 13th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $176.41.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, beating the Zacks’ consensus estimate of $2.47 by $0.24. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The firm had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $4.79 billion. During the same period in the prior year, the company earned $2.02 EPS. The firm’s revenue was up 26.2% on a year-over-year basis. equities analysts anticipate that Cummins Inc. will post 10.19 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 17th were paid a dividend of $1.08 per share. The ex-dividend date was Thursday, November 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.61%. Cummins’s dividend payout ratio is currently 43.86%.
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Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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