Cummins Inc. $CMI Shares Purchased by Brighton Jones LLC

Brighton Jones LLC grew its stake in shares of Cummins Inc. (NYSE:CMI) by 24.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 5,144 shares of the company’s stock after acquiring an additional 1,011 shares during the quarter. Brighton Jones LLC’s holdings in Cummins were worth $2,173,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Algert Global LLC purchased a new stake in Cummins during the 1st quarter worth about $323,000. CW Advisors LLC boosted its stake in shares of Cummins by 17.5% during the 1st quarter. CW Advisors LLC now owns 1,668 shares of the company’s stock worth $526,000 after purchasing an additional 249 shares during the last quarter. 1832 Asset Management L.P. acquired a new stake in shares of Cummins during the 1st quarter worth about $2,962,000. Groupe la Francaise grew its holdings in shares of Cummins by 15.3% during the first quarter. Groupe la Francaise now owns 1,174 shares of the company’s stock worth $380,000 after buying an additional 156 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its position in shares of Cummins by 13.5% in the first quarter. Smartleaf Asset Management LLC now owns 2,080 shares of the company’s stock valued at $653,000 after buying an additional 247 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $519.57 on Tuesday. The firm’s fifty day simple moving average is $469.42 and its 200 day simple moving average is $408.85. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $526.50. The firm has a market capitalization of $71.72 billion, a price-to-earnings ratio of 26.96, a PEG ratio of 2.00 and a beta of 1.10.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The firm had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter in the previous year, the firm posted $5.86 EPS. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. As a group, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Friday, November 21st were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Friday, November 21st. Cummins’s payout ratio is presently 41.52%.

Insiders Place Their Bets

In related news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the transaction, the chief executive officer owned 42,880 shares in the company, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 27,330 shares of company stock worth $12,649,764. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on CMI shares. Barclays reaffirmed a “positive” rating on shares of Cummins in a research note on Friday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research report on Monday, December 15th. Citigroup upped their target price on Cummins from $530.00 to $580.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Thirteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $492.75.

Cummins Company Profile

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.