Lmcg Investments LLC Sells 3,015 Shares of Cummins Inc. $CMI

Lmcg Investments LLC cut its holdings in Cummins Inc. (NYSE:CMI) by 9.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,579 shares of the company’s stock after selling 3,015 shares during the period. Cummins comprises approximately 1.0% of Lmcg Investments LLC’s investment portfolio, making the stock its 28th biggest holding. Lmcg Investments LLC’s holdings in Cummins were worth $16,452,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Juno Financial Group LLC acquired a new stake in Cummins in the fourth quarter valued at $883,000. Truist Financial Corp raised its holdings in shares of Cummins by 4.8% in the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after purchasing an additional 2,951 shares during the period. Perbak Capital Partners LLP acquired a new stake in Cummins in the 3rd quarter valued at about $1,385,000. Nordea Investment Management AB grew its holdings in Cummins by 103.8% during the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock worth $280,397,000 after purchasing an additional 278,350 shares during the period. Finally, California Public Employees Retirement System grew its holdings in Cummins by 6.4% during the third quarter. California Public Employees Retirement System now owns 261,522 shares of the company’s stock worth $110,459,000 after purchasing an additional 15,621 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on CMI. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Barclays boosted their target price on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. increased their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Morgan Stanley lifted their price objective on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company upped their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $738.00.

Cummins Stock Performance

NYSE:CMI opened at $659.87 on Wednesday. The stock has a 50 day simple moving average of $677.96 and a 200 day simple moving average of $606.51. The stock has a market cap of $91.06 billion, a P/E ratio of 34.24, a PEG ratio of 1.66 and a beta of 1.22. Cummins Inc. has a 1-year low of $328.02 and a 1-year high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the previous year, the business posted $5.96 earnings per share. Cummins’s quarterly revenue was up 2.7% on a year-over-year basis. Research analysts anticipate that Cummins Inc. will post 29.32 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio is presently 41.52%.

Insider Activity at Cummins

In other news, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. This represents a 29.44% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by company insiders.

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.