Meadowbrook Advisors Group LLC Has $810,000 Stake in Cummins Inc. $CMI

Meadowbrook Advisors Group LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 58.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,506 shares of the company’s stock after selling 2,162 shares during the period. Meadowbrook Advisors Group LLC’s holdings in Cummins were worth $810,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of CMI. Brighton Jones LLC grew its holdings in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the period. Intech Investment Management LLC increased its stake in Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after purchasing an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after purchasing an additional 1,759 shares during the period. ICW Investment Advisors LLC acquired a new stake in Cummins in the second quarter worth $225,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Cummins during the second quarter worth $31,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In related news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the transaction, the vice president directly owned 8,508 shares in the company, valued at approximately $5,784,589.20. This trade represents a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,579 shares of company stock valued at $9,377,684 in the last 90 days. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CMI shares. Citigroup boosted their price target on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Wells Fargo & Company lifted their target price on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Evercore reaffirmed an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $731.86.

Cummins Stock Down 0.1%

Shares of CMI stock opened at $716.50 on Monday. The firm has a fifty day moving average of $663.00 and a 200-day moving average of $591.35. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $737.76. The company has a market capitalization of $98.87 billion, a price-to-earnings ratio of 37.18, a P/E/G ratio of 1.74 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $8.37 billion. During the same period in the previous year, the firm posted $5.96 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. As a group, equities research analysts predict that Cummins Inc. will post 29.44 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. 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.