Lmcg Investments LLC Has $16.45 Million Stock Position in Cummins Inc. $CMI

Key Points

• Lmcg Investments LLC reduced its Cummins stake by 9% in the first quarter, but still held 30,579 shares valued at about $16.45 million. Cummins remained roughly 1% of the firm’s portfolio and its 28th-largest holding.
• Cummins posted stronger-than-expected quarterly results, reporting $6.15 EPS versus the $5.63 consensus and revenue of $8.40 billion, slightly ahead of estimates. Revenue also rose 2.7% year over year.
• Analysts remain constructive on CMI, with several firms raising price targets and the Street consensus sitting at a Moderate Buy with an average target of $738.00. The stock has also been supported by a recent $2.00 quarterly dividend, equal to an annualized yield of about 1.2%.

Lmcg Investments LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 9.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,579 shares of the company's stock after selling 3,015 shares during the period. Cummins accounts for approximately 1.0% of Lmcg Investments LLC's holdings, making the stock its 28th biggest holding. Lmcg Investments LLC's holdings in Cummins were worth $16,452,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Saxon Interests Inc. grew its position in shares of Cummins by 67.2% during the 1st quarter. Saxon Interests Inc. now owns 1,679 shares of the company's stock worth $903,000 after buying an additional 675 shares during the period. Flatrock Wealth Partners LLC acquired a new position in Cummins in the first quarter valued at approximately $223,000. Jackson Thornton Wealth Management LLC boosted its stake in Cummins by 8.9% in the first quarter. Jackson Thornton Wealth Management LLC now owns 870 shares of the company's stock valued at $468,000 after acquiring an additional 71 shares during the last quarter. Horst & Graben Wealth Management LLC grew its holdings in Cummins by 3.4% during the 1st quarter. Horst & Graben Wealth Management LLC now owns 1,661 shares of the company's stock worth $894,000 after acquiring an additional 54 shares during the period. Finally, R Squared Ltd raised its position in shares of Cummins by 108.5% during the 1st quarter. R Squared Ltd now owns 1,751 shares of the company's stock valued at $942,000 after acquiring an additional 911 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

Shares of Cummins stock opened at $659.87 on Wednesday. The stock's fifty day simple moving average is $677.96 and its 200 day simple moving average is $606.51. 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 company has a market capitalization of $91.06 billion, a PE ratio of 34.24, a PEG ratio of 1.66 and a beta of 1.22. Cummins Inc. has a 12 month low of $328.02 and a 12 month high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts' consensus estimates 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 quarter last year, the firm posted $5.96 earnings per share. Cummins's revenue was up 2.7% compared to the same quarter last year. On average, research analysts predict that Cummins Inc. will post 29.32 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins's dividend payout ratio (DPR) is 41.52%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CMI shares. Barclays raised their price target on Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. increased their target price on Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. Argus boosted their target price on Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a research report on Monday, June 1st. Zacks Research raised Cummins from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Finally, UBS Group reiterated a "buy" rating on shares of Cummins in a research report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $738.00.

Insider Transactions at Cummins

In related news, VP Jennifer Mary Bush sold 5,000 shares of the business's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares of the company's stock, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Marvin Boakye sold 3,481 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the transaction, the vice president directly owned 8,508 shares of the company's stock, valued at approximately $5,784,589.20. The trade was a 29.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by insiders.

Cummins Company 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.

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