Cummins Inc. (NYSE:CMI) Shares Sold by Madison Asset Management LLC

Madison Asset Management LLC cut its stake in Cummins Inc. (NYSE:CMI - Free Report) by 38.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,170 shares of the company's stock after selling 11,892 shares during the quarter. Madison Asset Management LLC's holdings in Cummins were worth $6,009,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Meeder Asset Management Inc. increased its stake in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 52 shares during the period. Olde Wealth Management LLC purchased a new stake in Cummins in the first quarter worth $30,000. Capital A Wealth Management LLC purchased a new stake in Cummins in the fourth quarter worth $32,000. Opal Wealth Advisors LLC purchased a new stake in Cummins in the first quarter worth $37,000. Finally, Ritter Daniher Financial Advisory LLC DE increased its stake in shares of Cummins by 316.7% during the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 125 shares of the company's stock valued at $44,000 after buying an additional 95 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Shares of Cummins stock traded up $4.01 on Friday, reaching $369.28. 697,921 shares of the stock were exchanged, compared to its average volume of 893,558. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The firm has a market capitalization of $50.87 billion, a price-to-earnings ratio of 18.37, a PEG ratio of 2.05 and a beta of 1.03. The business has a 50 day moving average price of $330.38 and a two-hundred day moving average price of $330.89.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the previous year, the company posted $5.08 earnings per share. The company's revenue was down 2.7% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a dividend of $2.00 per share. This is a boost from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 2.17%. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio (DPR) is currently 36.22%.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research reports. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and cut their price target for the company from $400.00 to $240.00 in a research note on Monday, April 7th. JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Truist Financial cut their price target on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Citigroup restated a "buy" rating and set a $360.00 price target (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Finally, Barclays raised their price target on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $361.92.

Insiders Place Their Bets

In related news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director owned 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.41% of the company's stock.

Cummins 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.