Jacobs & Co. CA Cuts Stock Holdings in Cummins Inc. $CMI

Jacobs & Co. CA lessened its stake in Cummins Inc. (NYSE:CMI) by 3.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,374 shares of the company’s stock after selling 1,114 shares during the quarter. Cummins comprises approximately 1.9% of Jacobs & Co. CA’s holdings, making the stock its 14th biggest holding. Jacobs & Co. CA’s holdings in Cummins were worth $21,663,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Elevation Wealth Partners LLC boosted its holdings in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC increased its stake in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 45 shares during the last quarter. Activest Wealth Management increased its stake in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins in the 4th quarter worth about $27,000. Finally, Key Financial Inc raised its holdings in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on CMI shares. Morgan Stanley boosted their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Evercore restated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a report on Monday, May 11th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $700.00 price target on shares of Cummins in a research report on Wednesday. Citigroup boosted their price objective on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average price target of $745.64.

Cummins Stock Performance

NYSE:CMI opened at $644.21 on Friday. The firm has a 50-day moving average of $668.83 and a two-hundred day moving average of $625.16. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.11. The stock has a market cap of $88.68 billion, a P/E ratio of 32.92, a PEG ratio of 1.57 and a beta of 1.24. Cummins Inc. has a 1-year low of $383.90 and a 1-year high of $737.76.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the previous year, the firm posted $6.43 earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. On average, research analysts expect that Cummins Inc. will post 29.73 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. Shareholders of record on Friday, August 21st will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.4%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 40.88%.

Insider Activity at Cummins

In other news, EVP Bonnie J. Fetch sold 652 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the sale, the executive vice president owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 7,690 shares of company stock worth $5,360,654 over the last ninety days. Company insiders own 0.30% of the company’s stock.

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.