LMR Partners LLP Trims Stock Holdings in Cummins Inc. (NYSE:CMI)

LMR Partners LLP reduced its position in shares of Cummins Inc. (NYSE:CMI) by 71.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,027 shares of the company’s stock after selling 2,607 shares during the quarter. LMR Partners LLP’s holdings in Cummins were worth $333,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position in Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after acquiring an additional 604,735 shares during the period. Pathway Financial Advisers LLC grew its holdings in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the period. Dimensional Fund Advisors LP increased its position in Cummins by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after purchasing an additional 26,977 shares in the last quarter. Legal & General Group Plc raised its holdings in Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after buying an additional 31,190 shares during the period. Finally, Marshfield Associates lifted its position in Cummins by 0.3% during the second quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock valued at $288,699,000 after buying an additional 3,076 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Cummins stock opened at $360.95 on Thursday. Cummins Inc. has a fifty-two week low of $220.02 and a fifty-two week high of $370.21. The firm’s 50 day simple moving average is $332.94 and its 200-day simple moving average is $303.34. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company has a market cap of $49.52 billion, a P/E ratio of 23.84, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the business earned $4.73 EPS. The company’s revenue was up .3% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.02%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CMI shares. Barclays raised their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Truist Financial upped their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $337.67.

Insider Activity

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 23.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,576 shares of company stock worth $9,033,945 in the last 90 days. Company insiders own 0.56% of the company’s stock.

Cummins Company Profile

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.