Cummins Inc. $CMI Shares Sold by London Co. of Virginia

London Co. of Virginia cut its stake in shares of Cummins Inc. (NYSE:CMI) by 6.2% during 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 period. Cummins makes up about 1.7% of London Co. of Virginia’s holdings, making the stock its 21st biggest position. London Co. of Virginia owned 0.37% of Cummins worth $273,779,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CMI. Vanguard Group Inc. grew its position in Cummins by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after purchasing an additional 98,544 shares in the last quarter. State Street Corp lifted its holdings in shares of Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after purchasing an additional 49,628 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after buying an additional 35,286 shares during the period. Fisher Asset Management LLC grew its holdings in shares of Cummins by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after buying an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In related news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the sale, the chief accounting officer owned 14,084 shares of the company’s stock, valued at $9,652,328.56. This trade represents a 14.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 in the last ninety days. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CMI has been the subject of several research analyst reports. Evercore reissued an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Truist Financial upped their target price on Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $740.07.

Cummins Price Performance

CMI opened at $663.96 on Friday. The stock has a market cap of $91.62 billion, a price-to-earnings ratio of 34.46, a PEG ratio of 1.62 and a beta of 1.22. Cummins Inc. has a 1 year low of $354.68 and a 1 year high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a fifty day moving average price of $672.19 and a 200 day moving average price of $619.28.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the firm posted $5.96 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared 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. This represents a $8.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

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.