Meadowbrook Advisors Group LLC Takes Position in Cummins Inc. $CMI

Meadowbrook Advisors Group LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, HoldingsChannel reports. The firm acquired 3,668 shares of the company’s stock, valued at approximately $1,872,000.

Other institutional investors have also bought and sold shares of the company. Nicolet Advisory Services LLC grew its position in Cummins by 1.6% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after buying an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC raised its position in shares of Cummins by 0.5% during the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after buying an additional 18 shares in the last quarter. Financial Consulate Inc. lifted its stake in shares of Cummins by 16.8% in the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after acquiring an additional 18 shares during the period. ICW Investment Advisors LLC lifted its stake in shares of Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after acquiring an additional 18 shares during the period. Finally, Gilbert & Cook Inc. boosted its holdings in shares of Cummins by 1.0% in the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock valued at $947,000 after acquiring an additional 19 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on CMI. Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Truist Financial set a $815.00 price target on Cummins in a research note on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Evercore reissued an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $731.86.

Insider Buying and Selling

In other news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the sale, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock valued at $9,377,684 in the last three months. Insiders own 0.30% of the company’s stock.

Cummins Stock Performance

Shares of CMI opened at $716.50 on Friday. The firm’s 50 day moving average is $663.00 and its 200-day moving average is $590.68. The stock has a market capitalization of $98.87 billion, a P/E ratio of 37.18, a P/E/G ratio of 1.75 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $737.76.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the firm earned $5.96 EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. Cummins’s dividend payout ratio is currently 41.52%.

About Cummins

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.