Brooklyn Investment Group Takes $193,000 Position in Cummins Inc. (NYSE:CMI)

Brooklyn Investment Group purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 597 shares of the company’s stock, valued at approximately $193,000.

Several other institutional investors have also added to or reduced their stakes in the company. FMR LLC increased its position in Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after buying an additional 9,245 shares during the period. Bank of Montreal Can grew its stake in shares of Cummins by 21.2% in the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after acquiring an additional 68,627 shares in the last quarter. Associated Banc Corp increased its position in Cummins by 0.8% during the third quarter. Associated Banc Corp now owns 51,026 shares of the company’s stock worth $16,522,000 after acquiring an additional 410 shares during the period. Private Trust Co. NA raised its stake in Cummins by 2.7% in the 3rd quarter. Private Trust Co. NA now owns 1,743 shares of the company’s stock worth $564,000 after purchasing an additional 46 shares in the last quarter. Finally, Hancock Whitney Corp boosted its holdings in Cummins by 545.1% in the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock valued at $12,508,000 after purchasing an additional 32,642 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,540,879.47. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 in the last 90 days. 0.56% of the stock is owned by corporate insiders.

Cummins Stock Up 0.6 %

Shares of NYSE CMI opened at $377.59 on Wednesday. The company has a market cap of $51.80 billion, a price-to-earnings ratio of 24.94, a PEG ratio of 1.82 and a beta of 0.97. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 12 month low of $222.04 and a 12 month high of $377.69. The stock has a 50-day moving average price of $338.79 and a two-hundred day moving average price of $305.77.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the prior year, the company earned $4.73 EPS. The firm’s quarterly revenue was up .3% compared to the same quarter last year. As a group, analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CMI shares. Citigroup raised their target price on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Truist Financial raised their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Robert W. Baird raised their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $337.67.

About Cummins

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.