Cummins Inc. $CMI Shares Bought by JB Capital LLC

JB Capital LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 24.8% during the second quarter, Holdings Channel.com reports. The institutional investor owned 1,036 shares of the company’s stock after buying an additional 206 shares during the period. JB Capital LLC’s holdings in Cummins were worth $339,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CMI. Olde Wealth Management LLC acquired a new stake in Cummins during the 1st quarter worth approximately $30,000. Accredited Wealth Management LLC purchased a new stake in shares of Cummins in the 1st quarter valued at approximately $31,000. Opal Wealth Advisors LLC purchased a new stake in shares of Cummins in the 1st quarter valued at approximately $37,000. Richardson Financial Services Inc. purchased a new stake in shares of Cummins in the 1st quarter valued at approximately $39,000. Finally, Costello Asset Management INC purchased a new stake in shares of Cummins in the 1st quarter valued at approximately $40,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,119 shares of company stock worth $17,674,285 in the last three months. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CMI shares. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Citigroup increased their price objective on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Finally, Barclays increased their target price on shares of Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $397.43.

Cummins Trading Down 3.1%

NYSE CMI opened at $413.28 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm’s fifty day moving average price is $407.21 and its 200 day moving average price is $349.37. The company has a market capitalization of $56.95 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth ratio of 2.06 and a beta of 1.04. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $440.51.

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

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a 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 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.