Does the defensive value of a machine gun company seem too high by comparison with an LMG armed infantry company?
They are so useless for attacking that they have to be good at something – they do represent 6-8 tripod mounted machine guns, hopefully properly deployed with interlocking arcs of fire and several thousand rounds of ammo dumped with each weapons. LMG infantry are pretty good too, but get some benefit from their weapons when attacking as well. Your best friends against enemy machine guns are mortars, artillery and even more artillery.