Lmcg Investments LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI – Free Report) by 16.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,411 shares of the company’s stock after selling 4,308 shares during the period. Lmcg Investments LLC’s holdings in Cummins were worth $11,577,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the business. Valmark Advisers Inc. increased its stake in shares of Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after purchasing an additional 16 shares during the last quarter. Guardian Partners Inc. raised its holdings in shares of Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after buying an additional 16 shares in the last quarter. Legacy Financial Advisors Inc. raised its holdings in shares of Cummins by 2.0% during the 2nd quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company’s stock worth $681,000 after buying an additional 19 shares in the last quarter. Sage Private Wealth Group LLC lifted its position in shares of Cummins by 3.0% during the 3rd quarter. Sage Private Wealth Group LLC now owns 660 shares of the company’s stock worth $341,000 after buying an additional 19 shares during the last quarter. Finally, Key Financial Inc lifted its position in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after buying an additional 20 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.
Insider Transactions at Cummins
In related news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Several research firms recently weighed in on CMI. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Evercore decreased their target price on Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 11th. UBS Group lowered their target price on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Citigroup dropped their target price on shares of Cummins from $790.00 to $630.00 and set a “buy” rating for the company in a report on Monday, October 12th. Finally, Truist Financial reduced their price target on shares of Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and an average target price of $703.18.
Check Out Our Latest Report on Cummins
Cummins Trading Up 1.3%
Shares of NYSE CMI opened at $543.28 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a 52-week low of $407.57 and a 52-week high of $737.76. The firm has a 50 day moving average price of $549.81 and a two-hundred day moving average price of $620.36. The stock has a market cap of $74.79 billion, a P/E ratio of 27.76, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24.
Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $6.43 EPS. As a group, equities analysts forecast that Cummins Inc. will post 29.98 EPS for the current year.
Cummins Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio is presently 44.97%.
Cummins Profile
Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.
Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.
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