Cummins Inc. $CMI Shares Sold by Lmcg Investments LLC

Lmcg Investments LLC trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 2.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,651 shares of the company’s stock after selling 997 shares during the quarter. Lmcg Investments LLC’s holdings in Cummins were worth $11,348,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Olde Wealth Management LLC acquired a new position in Cummins during the 1st quarter worth $30,000. Accredited Wealth Management LLC purchased a new stake in Cummins during the 1st quarter worth about $31,000. Opal Wealth Advisors LLC purchased a new stake in Cummins during the 1st quarter worth about $37,000. Richardson Financial Services Inc. purchased a new stake in Cummins during the 1st quarter worth about $39,000. Finally, Costello Asset Management INC purchased a new stake in Cummins during the 1st quarter worth about $40,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on CMI shares. Citigroup lifted their price target on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a report on Saturday, September 27th. Wells Fargo & Company raised Cummins to an “overweight” rating in a report on Monday, August 11th. Truist Financial boosted their target price on Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a report on Wednesday. Finally, Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $397.43.

Insider Transactions at Cummins

In related news, CFO Mark Andrew Smith sold 8,000 shares of the business’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $439.30, for a total value of $3,514,400.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. The trade was a 20.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares in the company, valued at $384,158.30. This trade represents a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,119 shares of company stock worth $17,674,285 over the last three months. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Down 3.1%

Cummins stock opened at $413.28 on Friday. The company has a market capitalization of $56.95 billion, a P/E ratio of 19.43, a PEG ratio of 2.06 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $440.51. The stock has a 50-day simple moving average of $407.21 and a 200-day simple moving average of $349.37. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion for 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 firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.26 EPS. Equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

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

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.