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

Lmcg Investments LLC lowered its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 9.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 35,648 shares of the company's stock after selling 3,602 shares during the period. Lmcg Investments LLC's holdings in Cummins were worth $11,174,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after acquiring an additional 250,650 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Cummins by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock worth $1,174,504,000 after purchasing an additional 84,112 shares during the period. Fisher Asset Management LLC raised its stake in Cummins by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock valued at $1,071,059,000 after purchasing an additional 66,887 shares in the last quarter. Northern Trust Corp lifted its position in Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after purchasing an additional 246,807 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cummins by 6.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company's stock worth $566,856,000 after buying an additional 99,009 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Buying and Selling

In other Cummins news, Director John H. Stone purchased 1,000 shares of the stock in a transaction on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director now directly owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is owned by company insiders.

Analysts Set New Price Targets

CMI has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and upped their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Robert W. Baird cut their target price on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Evercore ISI decreased their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Morgan Stanley boosted their price target on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Finally, Citigroup lifted their target price on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Cummins currently has an average rating of "Hold" and an average target price of $357.25.

Cummins Trading Up 1.1%

Shares of Cummins stock traded up $3.62 on Friday, reaching $326.74. 523,655 shares of the company's stock were exchanged, compared to its average volume of 798,879. The firm's 50-day moving average is $304.08 and its two-hundred day moving average is $338.78. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a market capitalization of $45.01 billion, a P/E ratio of 11.60, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.08 EPS. Sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.23%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

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.