London Co. of Virginia Buys Shares of 548,615 Cummins Inc. $CMI

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

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. Vanguard Group Inc. lifted its stake in shares of 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 period. State Street Corp grew its position in Cummins by 1.4% during the second 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 period. Fisher Asset Management LLC grew its position in Cummins by 2.8% during the third 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 period. Norges Bank purchased a new position in Cummins in the second quarter valued at about $505,941,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Cummins by 0.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock valued at $649,280,000 after acquiring an additional 7,372 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 1.7%

Shares of CMI opened at $545.02 on Tuesday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The company has a market capitalization of $75.30 billion, a PE ratio of 26.56, a price-to-earnings-growth ratio of 1.70 and a beta of 1.12. The stock has a fifty day moving average of $574.35 and a two-hundred day moving average of $497.59. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76.

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

Cummins Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CMI shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. JPMorgan Chase & Co. raised their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Truist Financial reissued a “buy” rating and issued a $703.00 target price (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Finally, Wells Fargo & Company raised their price target on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $588.93.

Insider Activity at Cummins

In other news, Director William I. Miller sold 18,107 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the transaction, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. This represents a 34.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Donald G. Jackson sold 1,600 shares of the firm’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 transaction of $960,208.00. Following the completion of the sale, the vice president directly owned 7,214 shares in the company, valued at $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 31,195 shares of company stock worth $18,397,489. Corporate 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.