London Co. of Virginia Takes $231.73 Million Position in Cummins Inc. $CMI

London Co. of Virginia bought a new position in shares of Cummins Inc. (NYSE:CMI) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 548,615 shares of the company’s stock, valued at approximately $231,732,000. London Co. of Virginia owned approximately 0.40% of Cummins as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares during the last quarter. State Street Corp lifted its position in shares of Cummins by 1.4% during the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after buying an additional 92,073 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after buying an additional 91,956 shares during the last quarter. Norges Bank acquired a new position in shares of Cummins in the 2nd quarter valued at $505,941,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Cummins by 0.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock valued at $649,280,000 after buying an additional 7,372 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CMI. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Robert W. Baird set a $580.00 price objective on shares of Cummins in a research note on Friday, February 6th. Citigroup raised their price objective on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Raymond James Financial lifted their target price on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. Finally, Wall Street Zen cut Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Cummins Stock Performance

Shares of CMI opened at $545.02 on Tuesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The stock has a market capitalization of $75.30 billion, a P/E ratio of 26.56, a P/E/G ratio of 1.70 and a beta of 1.12. The company’s fifty day moving average is $574.35 and its two-hundred day moving average is $497.59. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98.

Cummins (NYSE:CMI) last released its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the business earned $5.16 EPS. On average, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio is currently 38.99%.

Insider Transactions at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the sale, the vice president owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the transaction, the vice president owned 7,214 shares in the company, valued at $4,329,337.82. The trade was a 18.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,195 shares of company stock valued at $18,397,489 over the last 90 days. Insiders own 0.41% of the company’s stock.

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.