Brooklyn Investment Group Takes Position in Cummins Inc. (NYSE:CMI)

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

A number of other institutional investors have also recently bought and sold shares of CMI. Janus Henderson Group PLC grew its holdings in shares of Cummins by 15.8% in the 1st quarter. Janus Henderson Group PLC now owns 80,727 shares of the company’s stock valued at $23,770,000 after buying an additional 11,033 shares during the period. B. Riley Wealth Advisors Inc. grew its stake in Cummins by 15.4% in the first quarter. B. Riley Wealth Advisors Inc. now owns 7,254 shares of the company’s stock valued at $2,137,000 after acquiring an additional 966 shares during the period. Advisory Resource Group increased its holdings in shares of Cummins by 6.1% in the first quarter. Advisory Resource Group now owns 14,688 shares of the company’s stock worth $4,328,000 after acquiring an additional 839 shares in the last quarter. Wahed Invest LLC raised its position in shares of Cummins by 11.2% during the first quarter. Wahed Invest LLC now owns 2,686 shares of the company’s stock worth $791,000 after purchasing an additional 270 shares during the period. Finally, LRI Investments LLC bought a new position in shares of Cummins during the 1st quarter valued at about $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on CMI. JPMorgan Chase & Co. raised their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Robert W. Baird raised their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Barclays lifted their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Finally, Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued 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 a consensus target price of $337.67.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company’s stock.

Cummins Stock Up 0.6 %

NYSE:CMI opened at $377.59 on Wednesday. Cummins Inc. has a twelve month low of $222.04 and a twelve month high of $377.69. The firm has a market capitalization of $51.80 billion, a price-to-earnings ratio of 24.94, a price-to-earnings-growth ratio of 1.82 and a beta of 0.97. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock’s 50 day moving average price is $338.79 and its two-hundred day moving average price is $305.77.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the company earned $4.73 earnings per share. Equities research analysts expect that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

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

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.