MADDEN SECURITIES Corp Trims Stake in Cummins Inc. (NYSE:CMI)

MADDEN SECURITIES Corp reduced its stake in Cummins Inc. (NYSE:CMI) by 3.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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.

Other institutional investors and hedge funds have also bought and sold shares of the company. BankPlus Trust Department purchased a new position in shares of Cummins during the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. boosted its position in shares of Cummins by 208.0% during 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 in the last quarter. TCTC Holdings LLC purchased a new stake in Cummins in the fourth quarter worth $28,000. SBI Securities Co. Ltd. purchased a new stake in Cummins in the fourth quarter worth $30,000. Finally, Capital A Wealth Management LLC bought a new position in Cummins in the fourth quarter worth $32,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 0.2%

Shares of Cummins stock opened at $325.92 on Tuesday. The company has a 50-day simple moving average of $304.43 and a two-hundred day simple moving average of $337.84. The stock has a market capitalization of $44.90 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the business earned $5.08 EPS. On average, 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 was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

Insider Transactions at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CMI shares. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Morgan Stanley boosted their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Evercore ISI lowered their target price on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a report on Monday, May 19th. Finally, UBS Group cut Cummins from a “buy” rating to a “sell” rating and dropped their price target for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $357.25.

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.