Brookstone Capital Management Boosts Stock Holdings in Cummins Inc. (NYSE:CMI)

Brookstone Capital Management increased its position in shares of Cummins Inc. (NYSE:CMI) by 33.3% in the 1st quarter, HoldingsChannel reports. The firm owned 2,232 shares of the company’s stock after purchasing an additional 558 shares during the period. Brookstone Capital Management’s holdings in Cummins were worth $658,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after buying an additional 2,055,239 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Cummins by 3.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock valued at $1,759,326,000 after buying an additional 246,025 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Cummins by 4.3% during the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock valued at $620,701,000 after purchasing an additional 106,017 shares during the last quarter. Morgan Stanley raised its holdings in shares of Cummins by 2.7% during the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after acquiring an additional 50,476 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Cummins by 6.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after acquiring an additional 96,387 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent analyst reports. Raymond James initiated coverage on shares of Cummins in a report on Friday. They set a “market perform” rating on the stock. Truist Financial restated a “hold” rating and set a $319.00 price target on shares of Cummins in a report on Wednesday, May 15th. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Robert W. Baird dropped their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Finally, Citigroup initiated coverage on shares of Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus price target of $287.55.

Cummins Stock Performance

Shares of CMI opened at $276.93 on Monday. The company’s fifty day moving average is $282.30 and its 200-day moving average is $269.13. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $304.24. The firm has a market cap of $37.88 billion, a price-to-earnings ratio of 20.27, a price-to-earnings-growth ratio of 1.73 and a beta of 1.02. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. Equities analysts expect that Cummins Inc. will post 18.84 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s dividend payout ratio is currently 49.19%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Jeffrey T. Wiltrout bought 282 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

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.