Stonebrook Private Inc. Has $944,000 Stock Position in Cummins Inc. $CMI

Key Points

• Stonebrook Private Inc. cut its Cummins stake by 63.3% in the fourth quarter, leaving it with 1,849 shares valued at about $944,000.
• Cummins reported strong quarterly results, posting EPS of $6.15 versus expectations of $5.63 and revenue of $8.40 billion, while raising its annualized dividend to $8.00 per share for a 1.2% yield.
• Despite some insider selling, Wall Street remains cautiously positive on the stock, with a Moderate Buy consensus and an average price target of $726.14.

Stonebrook Private Inc. trimmed its position in Cummins Inc. (NYSE:CMI - Free Report) by 63.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,849 shares of the company's stock after selling 3,191 shares during the quarter. Stonebrook Private Inc.'s holdings in Cummins were worth $944,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CMI. Brighton Jones LLC boosted its holdings in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after buying an additional 83 shares during the period. Intech Investment Management LLC boosted its holdings in shares of Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company's stock worth $1,240,000 after purchasing an additional 1,146 shares during the period. Treasurer of the State of North Carolina boosted its holdings in shares of Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company's stock worth $21,055,000 after purchasing an additional 1,759 shares during the period. ICW Investment Advisors LLC acquired a new position in shares of Cummins in the second quarter worth $225,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the second quarter worth $31,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Down 0.6%

Shares of Cummins stock opened at $668.73 on Wednesday. The firm has a market capitalization of $92.28 billion, a PE ratio of 34.70, a price-to-earnings-growth ratio of 1.64 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The company's fifty day moving average price is $641.50 and its two-hundred day moving average price is $580.27. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business's revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.96 EPS. On average, analysts expect that Cummins Inc. will post 29.29 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins's dividend payout ratio is presently 41.52%.

Insiders Place Their Bets

In related news, VP Jennifer Mary Bush sold 5,000 shares of the company's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares in the company, valued at $8,344,773.06. This represents a 29.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brett Michael Merritt sold 701 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last quarter. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CMI shares. Truist Financial set a $815.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. Weiss Ratings lowered shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, May 6th. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Cummins in a research report on Friday, May 22nd. Robert W. Baird set a $700.00 target price on Cummins in a research report on Wednesday, May 6th. Finally, Raymond James Financial lifted their target price on Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $726.14.

About Cummins

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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