J2 Capital Management Inc Buys Shares of 1,877 Cummins Inc. (NYSE:CMI)

J2 Capital Management Inc purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,877 shares of the company’s stock, valued at approximately $654,000. Cummins accounts for about 0.6% of J2 Capital Management Inc’s portfolio, making the stock its 29th largest holding.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Prospera Private Wealth LLC acquired a new stake in Cummins during the third quarter worth $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Cummins during the 3rd quarter worth about $34,000. Ashton Thomas Securities LLC purchased a new stake in Cummins in the 3rd quarter valued at about $55,000. Friedenthal Financial acquired a new position in Cummins in the fourth quarter valued at about $55,000. Finally, Bangor Savings Bank boosted its stake in Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after buying an additional 35 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 0.1 %

Cummins stock opened at $365.98 on Friday. The stock has a 50 day moving average of $363.33 and a two-hundred day moving average of $327.38. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $387.90. The stock has a market capitalization of $50.21 billion, a price-to-earnings ratio of 24.17, a PEG ratio of 1.61 and a beta of 1.01. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter last year, the business earned $4.73 EPS. The business’s revenue was up .3% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 20.75 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on CMI. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 14th. Truist Financial boosted their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Jefferies Financial Group increased their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $374.25.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by corporate insiders.

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.