Jupiter Topco LLC Purchases Shares of 36,179 Cummins Inc. $CMI

Jupiter Topco LLC acquired a new position in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 36,179 shares of the company’s stock, valued at approximately $25,792,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Brighton Jones LLC boosted its position in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the period. Intech Investment Management LLC boosted its holdings in shares of Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after buying an additional 1,146 shares during the period. Treasurer of the State of North Carolina increased its position in shares of Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after acquiring an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC acquired a new stake in shares of Cummins during the second quarter valued at approximately $225,000. Finally, Osterweis Capital Management Inc. acquired a new position in Cummins in the 2nd quarter worth approximately $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on CMI shares. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Truist Financial set a $894.00 target price on Cummins in a research note on Wednesday, August 5th. Barclays upped their target price on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Robert W. Baird set a $700.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. Twelve investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Performance

Shares of NYSE CMI opened at $564.61 on Friday. The business’s 50-day moving average price is $647.45 and its two-hundred day moving average price is $627.90. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The company has a market capitalization of $77.72 billion, a P/E ratio of 28.85, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the company earned $6.43 earnings per share. Analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.6%. Cummins’s payout ratio is 44.97%.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.30% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.