Lecap Asset Management Ltd. Boosts Stake in Cummins Inc. $CMI

Lecap Asset Management Ltd. lifted its holdings in Cummins Inc. (NYSE:CMI) by 78.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,217 shares of the company’s stock after buying an additional 1,857 shares during the quarter. Cummins accounts for 0.9% of Lecap Asset Management Ltd.’s portfolio, making the stock its 13th biggest holding. Lecap Asset Management Ltd.’s holdings in Cummins were worth $2,153,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Fisher Asset Management LLC boosted its stake in shares of Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after buying an additional 91,956 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Cummins by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock valued at $649,280,000 after buying an additional 7,372 shares in the last quarter. Raymond James Financial Inc. boosted its position in Cummins by 4.5% during the third quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company’s stock worth $640,090,000 after purchasing an additional 64,822 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after purchasing an additional 488,430 shares in the last quarter. Finally, Boston Partners purchased a new stake in Cummins during the third quarter worth $473,471,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Amy Rochelle Davis sold 4,054 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the sale, the vice president owned 15,807 shares of the company’s stock, valued at $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company’s stock, valued at $20,446,495.30. The trade was a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 31,195 shares of company stock valued at $18,397,489. 0.30% of the stock is owned by insiders.

Cummins Stock Performance

Cummins stock opened at $626.91 on Friday. The firm has a market capitalization of $86.61 billion, a P/E ratio of 30.55, a PEG ratio of 1.93 and a beta of 1.14. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The stock has a fifty day moving average price of $571.31 and a 200 day moving average price of $522.99. Cummins Inc. has a 52 week low of $269.24 and a 52 week high of $628.00.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same period in the prior year, the firm posted $5.16 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. Cummins’s dividend payout ratio is presently 38.99%.

Analyst Upgrades and Downgrades

A number of analysts have commented on CMI shares. Wolfe Research downgraded Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price on the stock. in a research report on Monday, January 26th. Morgan Stanley reissued an “overweight” rating and issued a $675.00 price target on shares of Cummins in a report on Friday, February 6th. Wall Street Zen cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. UBS Group set a $565.00 price target on Cummins and gave the stock a “neutral” rating in a report on Friday, February 6th. Finally, Sanford C. Bernstein set a $600.00 price target on Cummins and gave the stock a “market perform” rating in a report on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $598.47.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.