Morgan Dempsey Capital Management LLC Has $6.44 Million Holdings in Cummins Inc. $CMI

Morgan Dempsey Capital Management LLC lessened its holdings in Cummins Inc. (NYSE:CMI) by 28.8% during the third quarter, HoldingsChannel.com reports. The fund owned 15,258 shares of the company’s stock after selling 6,176 shares during the period. Cummins makes up about 2.9% of Morgan Dempsey Capital Management LLC’s holdings, making the stock its 14th biggest holding. Morgan Dempsey Capital Management LLC’s holdings in Cummins were worth $6,444,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Flagship Wealth Advisors LLC bought a new position in shares of Cummins in the third quarter worth about $28,000. Salomon & Ludwin LLC grew its holdings in shares of Cummins by 1,333.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after purchasing an additional 80 shares during the last quarter. Guerra Advisors Inc bought a new stake in shares of Cummins during the 3rd quarter valued at approximately $36,000. Tripletail Wealth Management LLC acquired a new position in Cummins during the 3rd quarter worth approximately $39,000. Finally, Osterweis Capital Management Inc. bought a new position in Cummins in the 2nd quarter valued at approximately $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Raymond James Financial raised their target price on shares of Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Citigroup upped their price target on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Truist Financial reiterated a “buy” rating and issued a $703.00 price target (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. Robert W. Baird set a $580.00 price objective on Cummins in a research report on Friday, February 6th. Finally, Sanford C. Bernstein set a $600.00 target price on Cummins and gave the stock a “market perform” rating in a report on Friday, February 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Cummins Trading Up 1.7%

CMI opened at $545.02 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The company’s 50 day moving average price is $574.35 and its two-hundred day moving average price is $497.59. The firm has a market capitalization of $75.30 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 1.70 and a beta of 1.12.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $5.16 earnings per share. As a group, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio is presently 38.99%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the transaction, the vice president directly owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the sale, the director owned 34,243 shares in the company, valued at $20,446,495.30. This trade represents a 34.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,195 shares of company stock worth $18,397,489 over the last 90 days. Company insiders own 0.41% of the company’s stock.

About Cummins

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.