Jupiter Topco LLC Makes New Investment in Cummins Inc. $CMI

Jupiter Topco LLC purchased a new position in Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 36,179 shares of the company’s stock, valued at approximately $25,792,000.

Several other large investors also recently made changes to their positions in the stock. Ancora Advisors LLC bought a new stake in shares of Cummins during the 2nd quarter worth about $213,000. Canada Pension Plan Investment Board bought a new position in shares of Cummins in the 2nd quarter valued at approximately $275,360,000. Castleark Management LLC bought a new position in shares of Cummins in the 2nd quarter valued at approximately $214,000. Osterweis Capital Management Inc. acquired a new stake in Cummins in the 2nd quarter worth approximately $68,000. Finally, SIR Capital Management L.P. bought a new stake in Cummins during the second quarter worth approximately $2,068,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent analyst reports. UBS Group dropped their price target on shares of Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Weiss Ratings raised shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, August 17th. Truist Financial set a $894.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Finally, Barclays lifted their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Twelve investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Price Performance

Shares of Cummins stock opened at $564.61 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The company has a market cap of $77.72 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24. The firm has a fifty day moving average price of $647.45 and a two-hundred day moving average price of $627.90. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $6.43 EPS. Analysts expect that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

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

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by company insiders.

About Cummins

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.