Madison Asset Management LLC Invests $1.46 Million in Cummins Inc. $CMI

Madison Asset Management LLC bought a new position in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,048 shares of the company’s stock, valued at approximately $1,461,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Activest Wealth Management boosted its position in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC increased its position in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the last quarter. Persistent Asset Partners Ltd purchased a new stake in Cummins during the second quarter valued at $26,000. Wellington Shields Capital Management LLC purchased a new stake in Cummins during the fourth quarter valued at $27,000. Finally, Key Financial Inc lifted its position in Cummins by 62.5% during the first 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. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

CMI stock opened at $593.12 on Friday. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average price of $662.30 and a 200 day moving average price of $628.59. The stock has a market cap of $81.65 billion, a PE ratio of 30.31, a P/E/G ratio of 1.45 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the company earned $6.43 earnings per share. Equities research analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s payout ratio is currently 40.88%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CMI shares. Morgan Stanley upped their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Robert W. Baird set a $700.00 price objective on Cummins in a research report on Wednesday, May 6th. UBS Group lowered their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. lifted their target price on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $745.64.

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.