Madison Asset Management LLC Cuts Holdings in Cummins Inc. $CMI

Madison Asset Management LLC decreased its stake in Cummins Inc. (NYSE:CMI) by 30.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 9,586 shares of the company’s stock after selling 4,195 shares during the quarter. Madison Asset Management LLC’s holdings in Cummins were worth $5,157,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Thompson Investment Management Inc. bought a new position in Cummins in the fourth quarter valued at $26,000. Activest Wealth Management lifted its stake 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 purchasing an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC boosted its holdings in shares of Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins in the 4th quarter worth about $27,000. Finally, Key Financial Inc increased its position in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after purchasing an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 3.2%

Shares of CMI stock opened at $659.94 on Wednesday. The stock has a market capitalization of $91.07 billion, a PE ratio of 34.25, a P/E/G ratio of 1.56 and a beta of 1.22. Cummins Inc. has a 1-year low of $344.02 and a 1-year high of $737.76. The business has a 50-day moving average of $674.90 and a 200 day moving average of $616.91. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the firm earned $5.96 EPS. The business’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 29.39 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is 41.52%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CMI shares. Truist Financial raised their price objective on Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. upped their target price on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Raymond James Financial increased their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Barclays lifted their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Robert W. Baird set a $700.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $740.07.

Insider Buying and Selling

In related news, VP Marvin Boakye sold 3,481 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the sale, the vice president directly owned 8,508 shares in the company, valued at $5,784,589.20. This represents a 29.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Donald G. Jackson sold 730 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president directly owned 8,316 shares of the company’s stock, valued at $5,912,010.72. The trade was a 8.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,579 shares of company stock valued at $9,377,684 over the last quarter. Company insiders own 0.30% of the company’s stock.

Cummins Company 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.