Cummins Inc. (NYSE:CMI) Shares Sold by MADDEN SECURITIES Corp

MADDEN SECURITIES Corp lowered its position in shares of Cummins Inc. (NYSE:CMI) by 1.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,600 shares of the company’s stock after selling 50 shares during the quarter. MADDEN SECURITIES Corp’s holdings in Cummins were worth $720,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. First United Bank & Trust purchased a new stake in shares of Cummins during the 4th quarter worth about $25,000. Private Wealth Management Group LLC acquired a new stake in Cummins in the 4th quarter valued at $26,000. Lynx Investment Advisory bought a new stake in shares of Cummins in the 2nd quarter worth about $29,000. DiNuzzo Private Wealth Inc. bought a new stake in Cummins during the 4th quarter worth approximately $31,000. Finally, LRI Investments LLC acquired a new stake in Cummins in the 1st quarter valued at about $31,000. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.7 %

NYSE:CMI traded up $5.09 during mid-day trading on Thursday, reaching $297.08. 576,418 shares of the company’s stock traded hands, compared to its average volume of 1,866,210. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83. The firm has a market capitalization of $40.63 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 1.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84. The company has a 50 day moving average price of $281.03 and a 200-day moving average price of $277.99.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.18 EPS. On average, sell-side analysts predict that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.45%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. Cummins’s dividend payout ratio is 53.29%.

Insider Buying and Selling

In other Cummins news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction on Friday, May 24th. The stock was acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Jeffrey T. Wiltrout acquired 282 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was purchased at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, VP Marvin Boakye purchased 1,745 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was bought at an average price of $286.04 per share, with a total value of $499,139.80. Following the transaction, the vice president now owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CMI. Citigroup started coverage on Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price for the company. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. TD Cowen upped their price target on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Truist Financial raised their price objective on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday. Finally, JPMorgan Chase & Co. upped their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Cummins currently has an average rating of “Hold” and an average price target of $295.00.

Cummins Profile

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.