956 Shares in Cummins Inc. $CMI Acquired by Madison Wealth Partners Inc

Madison Wealth Partners Inc bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 956 shares of the company’s stock, valued at approximately $682,000.

Several other institutional investors have also added to or reduced their stakes in the business. Valmark Advisers Inc. boosted its stake in shares of Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after acquiring an additional 16 shares during the last quarter. Guardian Partners Inc. raised its holdings in Cummins by 1.0% in the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after purchasing an additional 16 shares during the period. Nicolet Advisory Services LLC raised its holdings in Cummins by 1.6% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after purchasing an additional 17 shares during the period. Uhlmann Price Securities LLC lifted its position in Cummins by 2.4% during the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after purchasing an additional 17 shares in the last quarter. Finally, ICW Investment Advisors LLC lifted its position in Cummins by 2.6% during the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after purchasing an additional 18 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on CMI shares. Barclays upped their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Citigroup upped their target price on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Wells Fargo & Company lifted their target price on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Finally, Weiss Ratings raised shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 17th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Trading Down 0.9%

Shares of CMI opened at $587.87 on Friday. The company has a 50-day moving average of $660.86 and a 200 day moving average of $628.31. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. The firm has a market capitalization of $80.93 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 1.40 and a beta of 1.24.

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

Cummins Increases Dividend

The firm 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 $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.5%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s payout ratio is currently 40.88%.

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.