Lmcg Investments LLC Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

Lmcg Investments LLC lessened its stake in Cummins Inc. (NYSE:CMI) by 2.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 40,094 shares of the company’s stock after selling 1,109 shares during the quarter. Lmcg Investments LLC’s holdings in Cummins were worth $12,982,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC increased its stake in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the period. International Assets Investment Management LLC increased its position in Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after purchasing an additional 972,247 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new stake in Cummins in the 2nd quarter worth about $68,018,000. Finally, SG Americas Securities LLC lifted its stake in shares of Cummins by 1,012.0% in the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after purchasing an additional 179,346 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE:CMI traded down $0.47 during mid-day trading on Friday, reaching $328.51. The company had a trading volume of 387,603 shares, compared to its average volume of 1,514,713. Cummins Inc. has a one year low of $212.80 and a one year high of $340.82. The firm has a market cap of $45.02 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 1.90 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The company’s 50-day moving average price is $318.94 and its 200-day moving average price is $297.09.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.18 earnings per share. As a group, equities research analysts anticipate that Cummins Inc. will post 19.96 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.22%. Cummins’s payout ratio is currently 52.49%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CMI shares. Barclays lifted their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. upped their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Evercore ISI boosted their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Citigroup upped their price target on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Robert W. Baird boosted their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average price target of $311.55.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins 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.