Brighton Jones LLC Purchases 361 Shares of Cummins Inc. (NYSE:CMI)

Brighton Jones LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 17.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,473 shares of the company’s stock after purchasing an additional 361 shares during the quarter. Brighton Jones LLC’s holdings in Cummins were worth $775,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Cummins in the fourth quarter valued at approximately $499,490,000. GAMMA Investing LLC raised its stake in shares of Cummins by 38,220.5% in the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock valued at $373,428,000 after purchasing an additional 1,188,276 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Cummins during the fourth quarter worth $187,082,000. Vanguard Group Inc. raised its stake in Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after acquiring an additional 250,650 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after acquiring an additional 246,807 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of a number of research reports. The Goldman Sachs Group upgraded 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. Morgan Stanley raised their target price on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Truist Financial dropped their price target on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Finally, Evercore ISI dropped their target price on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $357.25.

Cummins Stock Up 0.8%

CMI stock opened at $322.20 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $44.38 billion, a PE ratio of 11.44, a PEG ratio of 2.19 and a beta of 1.04. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The business’s 50 day simple moving average is $309.15 and its 200 day simple moving average is $336.07.

Cummins (NYSE:CMI) last released its quarterly 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. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.08 EPS. As a group, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. Cummins’s payout ratio is 36.22%.

Insider Activity

In other Cummins news, Director John H. Stone acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.41% of the company’s stock.

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.