Madison Asset Management LLC Increases Stake in Cummins Inc. $CMI

Madison Asset Management LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 10.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 18,233 shares of the company’s stock after acquiring an additional 1,671 shares during the quarter. Madison Asset Management LLC’s holdings in Cummins were worth $7,701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Motley Fool Asset Management LLC increased its holdings in Cummins by 9.7% in the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after acquiring an additional 623 shares in the last quarter. Applied Finance Capital Management LLC lifted its holdings in Cummins by 14.4% during the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after purchasing an additional 7,656 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Cummins by 8.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after purchasing an additional 2,417 shares during the period. New York State Teachers Retirement System increased its stake in shares of Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after purchasing an additional 2,305 shares in the last quarter. Finally, Bailard Inc. raised its position in shares of Cummins by 7.2% during the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after purchasing an additional 4,035 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $599.19 on Thursday. The stock has a market capitalization of $82.71 billion, a PE ratio of 29.20, a P/E/G ratio of 1.86 and a beta of 1.13. The business has a 50 day simple moving average of $546.63 and a two-hundred day simple moving average of $466.82. 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 1-year low of $260.02 and a 1-year high of $617.98.

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

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Insider Buying and Selling at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the sale, the insider directly owned 9,271 shares in the company, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CMI has been the subject of several recent analyst reports. Robert W. Baird set a $580.00 target price on shares of Cummins in a report on Friday, February 6th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Morgan Stanley reiterated an “overweight” rating and set a $675.00 target price on shares of Cummins in a research report on Friday, February 6th. Wells Fargo & Company lifted their target price on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Finally, UBS Group set a $565.00 price target on Cummins and gave the stock a “neutral” rating in a research note on Friday, February 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average price target of $588.93.

Cummins 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.