Madison Wealth Partners Inc Invests $682,000 in Cummins Inc. $CMI

Madison Wealth Partners Inc acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the second quarter, Holdings Channel reports. The firm acquired 956 shares of the company’s stock, valued at approximately $682,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Varma Mutual Pension Insurance Co purchased a new stake in shares of Cummins during the second quarter valued at about $23,771,000. X Square Capital LLC bought a new position in shares of Cummins during the 2nd quarter worth approximately $1,004,000. Forum Private Client Group LLC purchased a new stake in Cummins during the second quarter valued at approximately $468,000. Westpac Banking Corp acquired a new stake in Cummins in the second quarter valued at approximately $70,000. Finally, TRB Wealth Management LLC acquired a new stake in Cummins in the second quarter valued at approximately $605,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of recent analyst reports. Morgan Stanley upped their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Raymond James Financial boosted their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Argus upped their target price on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Evercore reiterated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Finally, Citigroup raised their price target on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Trading Down 0.9%

NYSE CMI opened at $587.87 on Friday. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The company has a market capitalization of $80.93 billion, a PE ratio of 30.04, a P/E/G ratio of 1.40 and a beta of 1.24. The company has a fifty day moving average of $660.86 and a 200 day moving average of $628.31.

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

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. 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 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.