Cummins Inc. $CMI is Morgan Dempsey Capital Management LLC’s 10th Largest Position

Morgan Dempsey Capital Management LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 1.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,434 shares of the company’s stock after selling 359 shares during the period. Cummins accounts for 2.9% of Morgan Dempsey Capital Management LLC’s investment portfolio, making the stock its 10th biggest position. Morgan Dempsey Capital Management LLC’s holdings in Cummins were worth $7,020,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Olde Wealth Management LLC purchased a new stake in shares of Cummins in the first quarter valued at $30,000. Accredited Wealth Management LLC purchased a new stake in Cummins during the first quarter valued at about $31,000. Richardson Financial Services Inc. purchased a new stake in Cummins during the first quarter valued at about $39,000. Costello Asset Management INC purchased a new stake in Cummins during the first quarter valued at about $40,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in Cummins during the first quarter valued at about $41,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $411.84 on Friday. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $440.51. The business has a 50-day moving average of $411.10 and a 200-day moving average of $352.98. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The company has a market capitalization of $56.75 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 1.99 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the prior year, the business earned $5.26 earnings per share. The company’s revenue was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins’s payout ratio is 37.61%.

Insiders Place Their Bets

In related news, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,119 shares of company stock valued at $17,674,285. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Tuesday, October 14th. JPMorgan Chase & Co. boosted their price target on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research report on Wednesday, September 3rd. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Finally, Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $407.43.

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.