London Co. of Virginia Has $273.78 Million Position in Cummins Inc. $CMI

London Co. of Virginia lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 6.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 508,834 shares of the company’s stock after selling 33,822 shares during the quarter. Cummins comprises 1.7% of London Co. of Virginia’s portfolio, making the stock its 21st largest holding. London Co. of Virginia’s holdings in Cummins were worth $273,779,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Juno Financial Group LLC acquired a new position in shares of Cummins during the fourth quarter worth approximately $883,000. Truist Financial Corp grew its stake in shares of Cummins by 4.8% in the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock worth $32,671,000 after acquiring an additional 2,951 shares during the last quarter. Smith Salley Wealth Management grew its stake in shares of Cummins by 1,381.8% in the fourth quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock worth $11,111,000 after acquiring an additional 20,299 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in Cummins during the fourth quarter worth $7,797,000. Finally, Comprehensive Financial Consultants Institutional Inc. increased its position in Cummins by 643.0% during the fourth quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company’s stock worth $3,732,000 after acquiring an additional 6,327 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 0.2%

CMI opened at $663.96 on Friday. Cummins Inc. has a fifty-two week low of $354.68 and a fifty-two week high of $737.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm’s fifty day moving average price is $672.19 and its two-hundred day moving average price is $619.28. The company has a market capitalization of $91.62 billion, a P/E ratio of 34.46, a P/E/G ratio of 1.62 and a beta of 1.22.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the previous year, the firm posted $5.96 EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, analysts anticipate that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.3%. Cummins’s payout ratio is presently 41.52%.

Insiders Place Their Bets

In other news, VP Nathan R. Stoner sold 607 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total value of $421,294.42. Following the sale, the vice president directly owned 9,447 shares in the company, valued at approximately $6,556,784.82. This represents a 6.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Bonnie J. Fetch sold 652 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $700.19, for a total value of $456,523.88. Following the completion of the transaction, the executive vice president directly owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last 90 days. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. UBS Group reissued a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Morgan Stanley upped their price objective on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Robert W. Baird set a $700.00 target price on shares of Cummins in a research note on Wednesday, May 6th. Finally, Truist Financial lifted their target price on Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and an average price target of $740.07.

Cummins Profile

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.