Brookstone Capital Management Cuts Stake in Cummins Inc. (NYSE:CMI)

Brookstone Capital Management lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 9.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,738 shares of the company’s stock after selling 185 shares during the period. Brookstone Capital Management’s holdings in Cummins were worth $563,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Beacon Financial Group lifted its stake in Cummins by 7.0% in the 4th quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after purchasing an additional 126 shares in the last quarter. Distillate Capital Partners LLC lifted its position in shares of Cummins by 109,309.3% in the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after buying an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Cummins during the second quarter valued at approximately $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Cummins by 13.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after buying an additional 21,850 shares in the last quarter. Finally, Duality Advisers LP increased its stake in Cummins by 190.3% in the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock worth $5,433,000 after acquiring an additional 12,087 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 1.0 %

Shares of CMI opened at $336.07 on Monday. The firm has a fifty day moving average price of $308.33 and a 200-day moving average price of $293.44. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $45.97 billion, a P/E ratio of 24.60, a P/E/G ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $337.60.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company earned $5.18 EPS. Equities research analysts expect that Cummins Inc. will post 19.77 earnings per share for the current year.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the company’s 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 sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CMI. Citigroup increased their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Barclays lifted their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Evercore ISI upped their target price on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Truist Financial lifted their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. boosted their price objective on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $311.55.

Cummins Company 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.