London Co. of Virginia Sells 5,959 Shares of Cummins Inc. $CMI

London Co. of Virginia trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 542,656 shares of the company’s stock after selling 5,959 shares during the quarter. Cummins accounts for about 1.6% of London Co. of Virginia’s holdings, making the stock its 24th biggest position. London Co. of Virginia’s holdings in Cummins were worth $277,015,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Thompson Investment Management Inc. bought a new position in Cummins during the fourth quarter worth about $26,000. Activest Wealth Management increased its position in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the period. Wellington Shields Capital Management LLC bought a new position in Cummins during the fourth quarter worth about $27,000. Kemnay Advisory Services Inc. bought a new position in Cummins during the fourth quarter worth about $28,000. Finally, Ares Financial Consulting LLC bought a new position in Cummins during the fourth quarter worth about $29,000. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on CMI. Evercore reaffirmed an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and raised their target price for the company from $565.00 to $850.00 in a report on Monday, June 8th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Barclays raised their target price on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and an average price target of $726.14.

Cummins Price Performance

CMI stock opened at $701.15 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12 month low of $307.90 and a 12 month high of $718.08. The firm has a market cap of $96.75 billion, a P/E ratio of 36.39, a P/E/G ratio of 1.66 and a beta of 1.24. The company’s 50-day moving average price is $654.05 and its two-hundred day moving average price is $586.69.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period last year, the firm earned $5.96 EPS. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post 29.29 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. Cummins’s payout ratio is 41.52%.

Insider Activity at Cummins

In related news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the sale, the vice president directly owned 9,447 shares in the company, valued at $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,579 shares of company stock worth $9,377,684 in the last ninety days. Insiders own 0.30% of the company’s stock.

About Cummins

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.