Madison Asset Management LLC Takes $1.46 Million Position in Cummins Inc. $CMI

Madison Asset Management LLC purchased a new position in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,048 shares of the company’s stock, valued at approximately $1,461,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Cummins in the 2nd quarter valued at about $8,204,241,000. Northwestern Mutual Wealth Management Co. grew its stake in Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares in the last quarter. Norges Bank purchased a new position in shares of Cummins during the fourth quarter worth approximately $863,441,000. Bank of New York Mellon Corp bought a new stake in shares of Cummins during the second quarter valued at approximately $973,198,000. Finally, Boston Partners bought a new stake in shares of Cummins during the third quarter valued at approximately $473,471,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $593.12 on Friday. The firm has a market cap of $81.65 billion, a price-to-earnings ratio of 30.31, a PEG ratio of 1.45 and a beta of 1.24. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $662.30 and its 200 day moving average is $628.59.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.43 EPS. On average, sell-side analysts anticipate that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a dividend of $2.20 per share. This is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. Cummins’s dividend payout ratio (DPR) is currently 40.88%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. Weiss Ratings raised Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Truist Financial set a $894.00 target price on Cummins in a report on Wednesday, August 5th. Robert W. Baird set a $700.00 price target on Cummins in a research report on Wednesday, May 6th. Finally, Barclays raised their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $745.64.

Cummins Company 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.