Lakewood Asset Management LLC Has $487,000 Stock Holdings in Cummins Inc. $CMI

Lakewood Asset Management LLC lowered its position in Cummins Inc. (NYSE:CMI) by 3.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,488 shares of the company’s stock after selling 61 shares during the period. Lakewood Asset Management LLC’s holdings in Cummins were worth $487,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC grew its position in Cummins by 38,220.5% during the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock valued at $373,428,000 after buying an additional 1,188,276 shares during the period. Raymond James Financial Inc. boosted its position in Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after purchasing an additional 817,384 shares during the period. AQR Capital Management LLC boosted its position in Cummins by 70.9% during the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after purchasing an additional 424,294 shares during the period. Nuveen LLC bought a new position in Cummins during the first quarter worth about $109,120,000. Finally, Vanguard Group Inc. boosted its position in shares of Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after acquiring an additional 321,823 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $418.59 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $432.50. The firm has a market cap of $57.68 billion, a price-to-earnings ratio of 19.68, a price-to-earnings-growth ratio of 2.02 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The business has a 50-day simple moving average of $394.06 and a two-hundred day simple moving average of $342.33.

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

Cummins Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CMI shares. Barclays raised their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. Citigroup lifted their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research note on Wednesday, September 3rd. Truist Financial lifted their target price on shares of Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $393.57.

Insiders Place Their Bets

In other Cummins news, CFO Mark Andrew Smith sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total value of $2,632,500.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at $12,790,710. This represents a 17.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company’s stock, valued at $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock worth $14,159,885 over the last ninety days. 0.41% of the stock is owned by company insiders.

About Cummins

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.