Lakewood Asset Management LLC Reduces Holdings in Cummins Inc. $CMI

Lakewood Asset Management LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 3.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,488 shares of the company’s stock after selling 61 shares during the quarter. Lakewood Asset Management LLC’s holdings in Cummins were worth $487,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of CMI. Brighton Jones LLC increased its stake in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Cummins by 34.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 23,397 shares of the company’s stock valued at $8,156,000 after buying an additional 6,042 shares during the period. Central Pacific Bank Trust Division boosted its position in Cummins by 5.0% during the first quarter. Central Pacific Bank Trust Division now owns 815 shares of the company’s stock valued at $255,000 after purchasing an additional 39 shares in the last quarter. GAMMA Investing LLC boosted 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 purchasing an additional 1,188,276 shares in the last quarter. Finally, Beese Fulmer Investment Management Inc. boosted its position in Cummins by 0.6% during the first quarter. Beese Fulmer Investment Management Inc. now owns 42,667 shares of the company’s stock valued at $13,374,000 after purchasing an additional 266 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Up 1.1%

Shares of NYSE:CMI opened at $418.59 on Friday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $432.50. The company has a market capitalization of $57.68 billion, a PE ratio of 19.68, a PEG ratio of 2.02 and a beta of 1.02. The business has a 50 day moving average of $394.06 and a two-hundred day moving average of $342.33. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during 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%.The business’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.26 earnings per share. As a group, analysts forecast that Cummins Inc. will post 22.54 EPS for the current 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 given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Insiders Place Their Bets

In other news, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares in the company, valued at $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,119 shares of company stock valued at $14,159,885. 0.41% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Barclays raised their price objective on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research note on Monday, August 11th. Truist Financial lifted their target price on Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $393.57.

Cummins Company 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.