Madison Asset Management LLC Purchases 1,671 Shares of Cummins Inc. $CMI

Madison Asset Management LLC grew its position in shares of Cummins Inc. (NYSE:CMI) by 10.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,233 shares of the company’s stock after purchasing an additional 1,671 shares during the period. Madison Asset Management LLC’s holdings in Cummins were worth $7,701,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of CMI. Stock Yards Bank & Trust Co. boosted its stake in Cummins by 0.4% in the third quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock worth $2,499,000 after buying an additional 24 shares in the last quarter. Whittier Trust Co. lifted its holdings in shares of Cummins by 0.9% in the 3rd quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock worth $1,154,000 after acquiring an additional 24 shares during the last quarter. Howard Capital Management Inc. boosted its stake in shares of Cummins by 2.9% in the 3rd quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock valued at $365,000 after purchasing an additional 24 shares in the last quarter. BNP Paribas boosted its stake in shares of Cummins by 1.8% in the 2nd quarter. BNP Paribas now owns 1,422 shares of the company’s stock valued at $466,000 after purchasing an additional 25 shares in the last quarter. Finally, Bridges Investment Management Inc. grew its holdings in shares of Cummins by 3.2% during the 3rd quarter. Bridges Investment Management Inc. now owns 845 shares of the company’s stock valued at $357,000 after purchasing an additional 26 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

CMI opened at $599.19 on Thursday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98. The company has a market cap of $82.71 billion, a price-to-earnings ratio of 29.20, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The stock has a fifty day simple moving average of $546.63 and a two-hundred day simple moving average of $466.82.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same period in the previous year, the firm posted $5.16 EPS. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Wall Street Analyst Weigh In

CMI has been the subject of several analyst reports. UBS Group set a $565.00 price target on shares of Cummins and gave the company a “neutral” rating in a research report on Friday, February 6th. Morgan Stanley reissued an “overweight” rating and issued a $675.00 target price on shares of Cummins in a research note on Friday, February 6th. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Barclays lifted their price target on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Finally, Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Insider Activity at Cummins

In related news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the sale, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.41% of the stock is owned by corporate 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.