Brown Brothers Harriman & Co. Trims Position in Cummins Inc. (NYSE:CMI)

Brown Brothers Harriman & Co. decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 1.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,172 shares of the company’s stock after selling 52 shares during the period. Brown Brothers Harriman & Co.’s holdings in Cummins were worth $878,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of CMI. Norges Bank acquired a new position in Cummins during the fourth quarter worth approximately $298,867,000. Price T Rowe Associates Inc. MD increased its position in Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in Cummins during the second quarter worth approximately $68,018,000. SG Americas Securities LLC increased its position in Cummins by 1,012.0% during the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after purchasing an additional 179,346 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Cummins by 129.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock worth $71,153,000 after purchasing an additional 167,485 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CMI. Citigroup began coverage on shares of Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Truist Financial raised their price target on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Raymond James started coverage on shares of Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. Finally, Robert W. Baird raised their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $299.55.

Cummins Trading Up 0.2 %

Cummins stock opened at $301.59 on Wednesday. The firm’s 50-day moving average is $296.14 and its 200-day moving average is $287.73. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $322.83. The company has a market cap of $41.25 billion, a P/E ratio of 22.08, a PEG ratio of 1.70 and a beta of 0.98.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the firm posted $5.18 EPS. On average, equities analysts expect that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.41%. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were 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 approximately $6,269,205.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is currently 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.