MADDEN SECURITIES Corp Sells 80 Shares of Cummins Inc. (NYSE:CMI)

MADDEN SECURITIES Corp lessened its position in shares of Cummins Inc. (NYSE:CMI) by 3.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,520 shares of the company’s stock after selling 80 shares during the period. MADDEN SECURITIES Corp’s holdings in Cummins were worth $790,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CMI. BankPlus Trust Department purchased a new stake in Cummins during the fourth quarter valued at about $26,000. Meeder Asset Management Inc. raised its position in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 52 shares during the period. TCTC Holdings LLC purchased a new stake in shares of Cummins during the 4th quarter valued at approximately $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of Cummins during the 4th quarter valued at approximately $30,000. Finally, Capital A Wealth Management LLC bought a new position in Cummins in the 4th quarter worth approximately $32,000. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Citigroup lifted their price target on Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Morgan Stanley increased their price objective on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Robert W. Baird cut their target price on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Finally, The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and upped their price target for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cummins currently has an average rating of “Hold” and an average target price of $357.25.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director now owns 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Down 0.2%

Shares of NYSE CMI opened at $325.92 on Tuesday. The business has a 50-day moving average of $304.43 and a 200-day moving average of $337.84. The firm has a market capitalization of $44.90 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 2.19 and a beta of 1.04. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.08 EPS. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.23%. Cummins’s dividend payout ratio is presently 36.22%.

About Cummins

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.