Brooklyn Investment Group Increases Holdings in Cummins Inc. (NYSE:CMI)

Brooklyn Investment Group grew its holdings in Cummins Inc. (NYSE:CMI) by 11.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 663 shares of the company’s stock after acquiring an additional 66 shares during the quarter. Brooklyn Investment Group’s holdings in Cummins were worth $231,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CMI. PFG Investments LLC raised its holdings in Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after purchasing an additional 485 shares in the last quarter. CWM LLC grew its position in shares of Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after buying an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC raised its stake in Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after acquiring an additional 59,027 shares in the last quarter. Alpha DNA Investment Management LLC purchased a new stake in Cummins in the third quarter valued at $748,000. Finally, Franklin Resources Inc. boosted its stake in Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after acquiring an additional 99,464 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of research analyst reports. Citigroup reduced their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Robert W. Baird increased their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $355.00 to $420.00 in a report on Monday, December 9th. Finally, Jefferies Financial Group raised their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $374.25.

Cummins Stock Performance

NYSE CMI opened at $365.98 on Friday. The business’s 50 day moving average is $363.33 and its two-hundred day moving average is $327.38. Cummins Inc. has a 12-month low of $226.52 and a 12-month high of $387.90. The stock has a market capitalization of $50.21 billion, a price-to-earnings ratio of 24.17, a PEG ratio of 1.61 and a beta of 1.01. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period last year, the company posted $4.73 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 20.75 EPS for the current year.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 over the last 90 days. Insiders own 0.56% of the company’s stock.

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.