Brown Brothers Harriman & Co. Increases Holdings in Cummins Inc. (NYSE:CMI)

Brown Brothers Harriman & Co. grew its holdings in Cummins Inc. (NYSE:CMI) by 11.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,539 shares of the company’s stock after buying an additional 367 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Cummins were worth $1,146,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins in the second quarter valued at $28,000. Cultivar Capital Inc. purchased a new stake in shares of Cummins in the 2nd quarter worth about $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins during the 2nd quarter valued at about $29,000. LRI Investments LLC purchased a new position in shares of Cummins during the first quarter valued at about $31,000. Finally, Prospera Private Wealth LLC bought a new position in Cummins in the third quarter worth about $32,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CMI has been the topic of several research reports. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Barclays raised their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $337.67.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 6,489 shares of company stock worth $2,357,531 over the last three months. 0.56% of the stock is currently owned by company insiders.

Cummins Price Performance

Shares of 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 company has a market capitalization of $51.80 billion, a P/E ratio of 24.94, a price-to-earnings-growth ratio of 1.81 and a beta of 0.97. The firm has a 50 day moving average of $338.79 and a 200 day moving average of $305.77. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

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

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. 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 presently 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.