Stonebrook Private Inc. Takes $1.46 Million Position in Cummins Inc. (NYSE:CMI)

Stonebrook Private Inc. bought a new position in Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 4,641 shares of the company's stock, valued at approximately $1,455,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. raised its position in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares during the last quarter. TCTC Holdings LLC bought a new position in Cummins in the fourth quarter valued at $28,000. SBI Securities Co. Ltd. acquired a new position in shares of Cummins during the 4th quarter worth about $30,000. Olde Wealth Management LLC bought a new stake in Cummins during the first quarter worth about $30,000. Finally, Capital A Wealth Management LLC bought a new position in Cummins in the fourth quarter valued at approximately $32,000. Institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Citigroup reissued a "buy" rating and issued a $360.00 price objective (up previously from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Morgan Stanley upped their price target 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. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and raised their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, Evercore ISI dropped their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of "Hold" and a consensus target price of $358.08.

Cummins Price Performance

CMI stock traded up $5.49 during trading on Thursday, reaching $340.09. 985,532 shares of the company were exchanged, compared to its average volume of 776,424. The company has a 50-day moving average of $321.75 and a two-hundred day moving average of $331.26. The company has a market capitalization of $46.85 billion, a price-to-earnings ratio of 15.22, a P/E/G ratio of 2.01 and a beta of 1.03. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. During the same period in the previous year, the business posted $5.08 earnings per share. The business's quarterly revenue was down 2.7% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.14%. Cummins's payout ratio is 36.22%.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The shares were bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director directly owned 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by corporate 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.