Morgan Dempsey Capital Management LLC Has $6.44 Million Stake in Cummins Inc. $CMI

Morgan Dempsey Capital Management LLC lowered its position in shares of Cummins Inc. (NYSE:CMI) by 28.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,258 shares of the company’s stock after selling 6,176 shares during the period. Cummins accounts for approximately 2.9% of Morgan Dempsey Capital Management LLC’s investment portfolio, making the stock its 14th biggest holding. Morgan Dempsey Capital Management LLC’s holdings in Cummins were worth $6,444,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CMI. United Capital Management of KS Inc. grew its holdings in Cummins by 2.0% in the 3rd quarter. United Capital Management of KS Inc. now owns 1,149 shares of the company’s stock valued at $485,000 after buying an additional 22 shares in the last quarter. Betterment LLC increased its position in Cummins by 3.5% during the 3rd quarter. Betterment LLC now owns 673 shares of the company’s stock worth $284,000 after buying an additional 23 shares during the period. Stock Yards Bank & Trust Co. lifted its holdings in shares of Cummins by 0.4% during 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. boosted its position in shares of Cummins by 0.9% in the third quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock valued at $1,154,000 after acquiring an additional 24 shares during the period. Finally, Howard Capital Management Inc. boosted its position in shares of Cummins by 2.9% in the third quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock valued at $365,000 after acquiring an additional 24 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 1.7%

CMI stock opened at $545.02 on Tuesday. The company has a market cap of $75.30 billion, a PE ratio of 26.56, a price-to-earnings-growth ratio of 1.70 and a beta of 1.12. The business has a 50-day simple moving average of $574.35 and a 200 day simple moving average of $497.59. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51.

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

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio is 38.99%.

Insider Buying and Selling at Cummins

In related news, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the sale, the vice president owned 7,214 shares in the company, valued at approximately $4,329,337.82. This trade represents a 18.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the transaction, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 31,195 shares of company stock worth $18,397,489 in the last three months. Company insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on CMI. Argus set a $696.00 price target on shares of Cummins in a research report on Tuesday, February 10th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. JPMorgan Chase & Co. increased their target price on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Raymond James Financial raised their target price on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a report on Monday, February 9th. Finally, Wolfe Research downgraded shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target for the company. in a research report on Monday, January 26th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $588.93.

Cummins 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.