Brown Brothers Harriman & Co. Acquires 367 Shares of Cummins Inc. (NYSE:CMI)

Brown Brothers Harriman & Co. grew its holdings in Cummins Inc. (NYSE:CMI) by 11.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,539 shares of the company’s stock after purchasing an additional 367 shares during the period. Brown Brothers Harriman & Co.’s holdings in Cummins were worth $1,146,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CMI. PFG Investments LLC raised its holdings in Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after acquiring an additional 485 shares during the period. CWM LLC raised its stake in shares of Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the period. Distillate Capital Partners LLC lifted its holdings in Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after purchasing an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Cummins in the 2nd quarter worth about $16,329,000. Finally, Cetera Advisors LLC boosted its stake in Cummins by 162.9% in the 1st quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock worth $6,739,000 after purchasing an additional 14,170 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CMI shares. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, Robert W. Baird upped their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and an average price target of $337.67.

Cummins Stock Up 0.6 %

Shares of NYSE CMI opened at $377.59 on Wednesday. The stock has a market capitalization of $51.80 billion, a P/E ratio of 24.94, a PEG ratio of 1.81 and a beta of 0.97. Cummins Inc. has a one year low of $222.04 and a one year high of $377.69. The firm’s 50 day simple moving average is $338.79 and its two-hundred day simple moving average is $305.77. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the firm earned $4.73 EPS. As a group, analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,001 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,456,419.29. This represents a 8.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 6,489 shares of company stock worth $2,357,531 in the last ninety days. 0.56% of the stock is owned by company insiders.

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.