Brown Lisle Cummings Inc. Boosts Holdings in Cummins Inc. (NYSE:CMI)

Brown Lisle Cummings Inc. increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 19.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,560 shares of the company's stock after buying an additional 1,400 shares during the period. Brown Lisle Cummings Inc.'s holdings in Cummins were worth $2,683,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. BankPlus Trust Department bought a new position in Cummins during the fourth quarter worth about $26,000. Meeder Asset Management Inc. boosted its position in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 52 shares during the period. TCTC Holdings LLC bought a new position in Cummins during the fourth quarter worth about $28,000. SBI Securities Co. Ltd. bought a new position in Cummins during the fourth quarter worth about $30,000. Finally, Capital A Wealth Management LLC bought a new position in Cummins during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and cut their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Truist Financial cut their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Evercore ISI cut their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Finally, The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and raised their price objective for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $357.25.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director now owns 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.41% of the company's stock.

Cummins Trading Down 0.1%

Shares of Cummins stock opened at $314.57 on Monday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The firm has a market cap of $43.34 billion, a PE ratio of 15.65, a PEG ratio of 1.89 and a beta of 1.04. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The company has a 50 day simple moving average of $311.12 and a two-hundred day simple moving average of $334.30.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same period in the previous year, the business posted $5.08 earnings per share. Cummins's revenue for the quarter was down 2.7% on a year-over-year basis. Analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.31%. Cummins's payout ratio is presently 36.22%.

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.

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