Brooklyn Investment Group Raises Holdings in Cummins Inc. (NYSE:CMI)

Brooklyn Investment Group raised its position in Cummins Inc. (NYSE:CMI) by 11.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 663 shares of the company’s stock after purchasing an additional 66 shares during the period. Brooklyn Investment Group’s holdings in Cummins were worth $231,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CMI. State Street Corp boosted its position in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after purchasing an additional 165,398 shares in the last quarter. Pathway Financial Advisers LLC increased its holdings in shares of Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares during the last quarter. Legal & General Group Plc lifted its position in Cummins by 1.9% during the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after buying an additional 31,190 shares in the last quarter. Finally, FMR LLC boosted its stake in Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after buying an additional 9,245 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $365.98 on Friday. The stock has a market capitalization of $50.21 billion, a price-to-earnings ratio of 24.17, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $387.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The business has a 50-day moving average of $363.33 and a 200 day moving average of $327.38.

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

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CMI shares. Citigroup cut their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Truist Financial lifted their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $355.00 to $420.00 in a report on Monday, December 9th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Tuesday, January 14th. Finally, The Goldman Sachs Group raised their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $374.25.

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.