Csenge Advisory Group Has $1.30 Million Holdings in Cummins Inc. (NYSE:CMI)

Csenge Advisory Group grew its stake in Cummins Inc. (NYSE:CMI - Free Report) by 24.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,139 shares of the company's stock after buying an additional 818 shares during the period. Csenge Advisory Group's holdings in Cummins were worth $1,297,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in CMI. Norges Bank acquired a new stake in shares of Cummins in the fourth quarter worth about $499,490,000. GAMMA Investing LLC lifted its position in shares of Cummins by 38,220.5% in the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock worth $373,428,000 after buying an additional 1,188,276 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after buying an additional 250,650 shares during the last quarter. Northern Trust Corp lifted its position in shares of Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after buying an additional 246,807 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its position in shares of Cummins by 57.0% in the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after buying an additional 233,694 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent analyst reports. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Citigroup reiterated a "buy" rating and issued a $360.00 price objective (up from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Evercore ISI dropped their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Morgan Stanley lifted their price objective on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Finally, UBS Group lowered Cummins from a "buy" rating to a "sell" rating and dropped their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $361.42.

Cummins Trading Up 0.6%

Shares of CMI opened at $350.40 on Friday. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The stock's 50-day moving average price is $327.72 and its 200 day moving average price is $330.75. The firm has a market capitalization of $48.27 billion, a price-to-earnings ratio of 17.43, a P/E/G ratio of 1.94 and a beta of 1.03. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company's quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the business earned $5.08 earnings per share. As a group, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.28%. This is an increase from Cummins's previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. Cummins's payout ratio is presently 36.22%.

Insiders Place Their Bets

In related news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director owned 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.41% 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.

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