Cummins Inc. (NYSE:CMI) Shares Sold by Brighton Jones LLC

Brighton Jones LLC reduced its holdings in Cummins Inc. (NYSE:CMI) by 2.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,029 shares of the company’s stock after selling 55 shares during the quarter. Brighton Jones LLC’s holdings in Cummins were worth $657,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC lifted its stake in shares of Cummins by 38,765.8% in the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after purchasing an additional 972,247 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after acquiring an additional 604,735 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in shares of Cummins during the 2nd quarter valued at approximately $68,018,000. SG Americas Securities LLC boosted its stake in shares of Cummins by 1,012.0% during the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after acquiring an additional 179,346 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Cummins in the 2nd quarter worth approximately $46,607,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Down 1.0 %

Shares of Cummins stock opened at $329.17 on Friday. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $340.82. The firm has a market cap of $45.02 billion, a PE ratio of 24.10, a P/E/G ratio of 1.92 and a beta of 0.98. The business’s fifty day moving average is $315.70 and its two-hundred day moving average is $295.82. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same quarter in the prior year, the company posted $5.18 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio is presently 53.29%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Evercore ISI lifted their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Citigroup raised their target price on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Raymond James started coverage on shares of Cummins in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $311.55.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Profile

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.