Cummins Inc. $CMI Shares Acquired by Brighton Jones LLC

Brighton Jones LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 24.5% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,144 shares of the company’s stock after purchasing an additional 1,011 shares during the period. Brighton Jones LLC’s holdings in Cummins were worth $2,173,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Motley Fool Asset Management LLC increased its stake in Cummins by 9.7% in the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after purchasing an additional 623 shares during the period. Applied Finance Capital Management LLC grew its holdings in shares of Cummins by 14.4% during the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after buying an additional 7,656 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Cummins by 6.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after acquiring an additional 17,566 shares during the period. Vanguard Group Inc. raised its stake in Cummins by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after acquiring an additional 344,680 shares during the last quarter. Finally, Jump Financial LLC lifted its position in Cummins by 101.9% during the 1st quarter. Jump Financial LLC now owns 5,843 shares of the company’s stock worth $1,831,000 after acquiring an additional 2,949 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on CMI. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $475.00 price objective on shares of Cummins in a research report on Friday, November 7th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Finally, UBS Group raised shares of Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. Thirteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $492.75.

Insiders Place Their Bets

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This trade represents a 9.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 27,330 shares of company stock worth $12,649,764. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Up 2.5%

CMI stock opened at $519.57 on Tuesday. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. The company’s 50-day moving average price is $469.42 and its 200 day moving average price is $408.85. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $526.50. The company has a market cap of $71.72 billion, a P/E ratio of 26.96, a P/E/G ratio of 2.00 and a beta of 1.10.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.5%. Cummins’s payout ratio is currently 41.52%.

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.