Los Angeles Capital Management LLC Has $13.98 Million Position in Cummins Inc. (NYSE:CMI)

Los Angeles Capital Management LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 0.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 40,115 shares of the company’s stock after selling 367 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Cummins were worth $13,984,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. PFG Investments LLC boosted its holdings in shares of Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after purchasing an additional 485 shares during the period. Mariner Investment Group LLC bought a new position in Cummins during the fourth quarter valued at approximately $1,046,000. Alpha DNA Investment Management LLC bought a new position in Cummins during the third quarter valued at approximately $748,000. Franklin Resources Inc. raised its position in Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after acquiring an additional 99,464 shares in the last quarter. Finally, Bank of Montreal Can raised its position in Cummins by 21.2% during the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after acquiring an additional 68,627 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CMI. Citigroup cut their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Jefferies Financial Group raised their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $386.67.

Cummins Trading Up 0.1 %

Shares of CMI stock opened at $360.91 on Wednesday. Cummins Inc. has a 1 year low of $260.88 and a 1 year high of $387.90. The firm’s fifty day simple moving average is $361.37 and its 200 day simple moving average is $343.32. The firm has a market capitalization of $49.62 billion, a P/E ratio of 12.81, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. 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 (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the previous year, the firm posted $4.14 earnings per share. Cummins’s revenue was down 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

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.