Morgan Dempsey Capital Management LLC reduced its position in Cummins Inc. (NYSE:CMI – Free Report) by 9.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 13,817 shares of the company’s stock after selling 1,441 shares during the period. Cummins accounts for about 3.4% of Morgan Dempsey Capital Management LLC’s holdings, making the stock its 6th biggest holding. Morgan Dempsey Capital Management LLC’s holdings in Cummins were worth $7,053,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Nicolet Advisory Services LLC raised its stake in Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after acquiring an additional 17 shares during the last quarter. Frank Rimerman Advisors LLC raised its stake in Cummins by 0.5% during the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after acquiring an additional 18 shares during the last quarter. Financial Consulate Inc. raised its stake in Cummins by 16.8% during the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after acquiring an additional 18 shares during the last quarter. ICW Investment Advisors LLC raised its stake in Cummins by 2.6% during the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after acquiring an additional 18 shares during the last quarter. Finally, Gilbert & Cook Inc. raised its stake in Cummins by 1.0% during the 4th quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock valued at $947,000 after acquiring an additional 19 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms have commented on CMI. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the company from $565.00 to $850.00 in a research note on Monday, June 8th. Argus upped their price objective on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Truist Financial set a $815.00 price objective on Cummins in a research note on Wednesday, May 6th. Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Finally, Citigroup increased their target price on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average target price of $726.14.
Cummins Stock Performance
Shares of CMI stock opened at $659.77 on Monday. The company has a market cap of $91.04 billion, a price-to-earnings ratio of 34.24, a price-to-earnings-growth ratio of 1.61 and a beta of 1.24. The stock has a 50 day simple moving average of $648.43 and a 200-day simple moving average of $583.95. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.
Cummins (NYSE:CMI – Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $5.96 EPS. On average, equities analysts forecast that Cummins Inc. will post 29.29 EPS for the current year.
Cummins Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio is 41.52%.
Insiders Place Their Bets
In related news, VP Nathan R. Stoner sold 607 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total value of $421,294.42. Following the sale, the vice president owned 9,447 shares in the company, valued at $6,556,784.82. This represents a 6.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by insiders.
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.
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