JB Capital LLC Grows Stake in Cummins Inc. $CMI

JB Capital LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 24.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,036 shares of the company’s stock after purchasing an additional 206 shares during the period. JB Capital LLC’s holdings in Cummins were worth $339,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of CMI. Brighton Jones LLC grew its stake in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Cummins by 22.9% during the 1st quarter. Farther Finance Advisors LLC now owns 2,753 shares of the company’s stock valued at $868,000 after acquiring an additional 513 shares in the last quarter. Wealthcare Advisory Partners LLC grew its stake in Cummins by 7.2% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,807 shares of the company’s stock valued at $1,193,000 after acquiring an additional 255 shares in the last quarter. GAMMA Investing LLC grew its stake in Cummins by 22.3% during the 1st quarter. GAMMA Investing LLC now owns 3,801 shares of the company’s stock valued at $1,191,000 after acquiring an additional 692 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after acquiring an additional 1,114 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of several research reports. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Truist Financial upped their price objective on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research note on Wednesday. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Finally, Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average target price of $397.43.

Insider Activity

In related news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,119 shares of company stock worth $17,674,285 in the last three months. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

NYSE:CMI opened at $413.28 on Friday. The company’s 50-day moving average is $407.21 and its two-hundred day moving average is $349.37. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $440.51. The firm has a market capitalization of $56.95 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 2.06 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the company posted $5.26 EPS. Analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, August 22nd. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio is 37.61%.

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.