Cummins Inc. $CMI Shares Sold by Brookstone Capital Management

Brookstone Capital Management decreased its holdings in Cummins Inc. (NYSE:CMI) by 40.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,152 shares of the company’s stock after selling 775 shares during the period. Brookstone Capital Management’s holdings in Cummins were worth $620,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. Fisher Asset Management LLC raised its position in shares of Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after acquiring an additional 91,956 shares in the last quarter. Accredited Wealth Management LLC boosted its stake in shares of Cummins by 3,100.0% during the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after buying an additional 3,100 shares during the period. Jefferies Financial Group Inc. purchased a new position in shares of Cummins in the 3rd quarter valued at approximately $11,129,000. TIAA Trust National Association increased its stake in Cummins by 836.5% in the 3rd quarter. TIAA Trust National Association now owns 35,117 shares of the company’s stock valued at $14,832,000 after buying an additional 31,367 shares during the period. Finally, Xponance Inc. lifted its position in Cummins by 14.5% in the third quarter. Xponance Inc. now owns 24,316 shares of the company’s stock valued at $10,270,000 after purchasing an additional 3,084 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 5.7%

Shares of NYSE:CMI opened at $686.26 on Friday. The stock has a market capitalization of $94.70 billion, a price-to-earnings ratio of 35.61, a price-to-earnings-growth ratio of 1.68 and a beta of 1.23. The company’s fifty day moving average is $672.37 and its two-hundred day moving average is $597.71. Cummins Inc. has a 1-year low of $322.45 and a 1-year high of $737.76. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company posted $5.96 EPS. Equities analysts anticipate that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s payout ratio is 41.52%.

Insider Activity at Cummins

In other news, VP Nathan R. Stoner sold 607 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the sale, the vice president directly owned 9,447 shares of the company’s stock, valued at $6,556,784.82. This represents a 6.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider owned 10,404 shares in the company, valued at $7,165,755. This represents a 6.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 13,579 shares of company stock valued at $9,377,684 over the last ninety days. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on CMI. Argus upped their price target on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Morgan Stanley lifted their price objective on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Evercore restated an “outperform” rating and set a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Citigroup boosted their price target on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $731.86.

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.