Lmcg Investments LLC Cuts Holdings in Cummins Inc. $CMI

Lmcg Investments LLC trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,651 shares of the company’s stock after selling 997 shares during the period. Lmcg Investments LLC’s holdings in Cummins were worth $11,348,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CMI. Raymond James Financial Inc. raised its stake in shares of Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after buying an additional 817,384 shares in the last quarter. AQR Capital Management LLC increased its stake in Cummins by 70.9% in the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after purchasing an additional 424,294 shares in the last quarter. Nuveen LLC acquired a new position in Cummins during the first quarter worth $109,120,000. Vanguard Group Inc. boosted its position in Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after purchasing an additional 321,823 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Cummins by 74.2% in the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock valued at $234,907,000 after purchasing an additional 319,277 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE:CMI opened at $413.28 on Friday. The business’s fifty day moving average price is $407.21 and its two-hundred day moving average price is $349.37. The stock has a market cap of $56.95 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 2.06 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.26 EPS. On average, analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. This is a positive change from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins’s payout ratio is 37.61%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CMI shares. Truist Financial upped their target price on Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a report on Wednesday. Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Robert W. Baird upped their target price on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a report on Friday, July 11th. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a report on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $397.43.

Insider Buying and Selling at Cummins

In other news, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the sale, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. This trade represents a 20.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the sale, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is currently owned by insiders.

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.