Jacobs & Co. CA Decreases Stake in Cummins Inc. (NYSE:CMI)


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Jacobs & Co. CA reduced its holdings in Cummins Inc. (NYSE:CMI) by 0.9% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 27,485 shares of the company’s stock after selling 254 shares during the period. Jacobs & Co. CA’s holdings in Cummins were worth $7,121,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CMI. Segall Bryant & Hamill LLC purchased a new position in shares of Cummins in the third quarter worth about $237,000. Engineers Gate Manager LP lifted its stake in shares of Cummins by 210.7% in the third quarter. Engineers Gate Manager LP now owns 6,558 shares of the company’s stock worth $1,385,000 after buying an additional 4,447 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in shares of Cummins in the third quarter worth about $581,000. Squarepoint Ops LLC purchased a new position in shares of Cummins in the third quarter worth about $6,018,000. Finally, Lombard Odier Asset Management Switzerland SA purchased a new position in Cummins during the third quarter worth about $1,218,000. 81.07% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have commented on the stock. Morgan Stanley reduced their target price on shares of Cummins from $258.00 to $238.00 and set an “equal weight” rating on the stock in a research note on Monday, March 8th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their target price on shares of Cummins from $265.00 to $315.00 in a research note on Tuesday, March 16th. Credit Suisse Group lifted their price target on shares of Cummins from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Friday, February 5th. Citigroup lifted their price target on shares of Cummins from $265.00 to $315.00 in a research report on Tuesday, March 16th. Finally, Jefferies Financial Group upgraded shares of Cummins from a “hold” rating to a “buy” rating and lifted their price target for the company from $250.00 to $325.00 in a research report on Wednesday, March 10th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $233.81.

NYSE CMI traded down $0.52 on Thursday, hitting $257.65. 6,845 shares of the stock were exchanged, compared to its average volume of 1,119,247. The company has a quick ratio of 1.33, a current ratio of 1.94 and a debt-to-equity ratio of 0.42. Cummins Inc. has a fifty-two week low of $140.93 and a fifty-two week high of $277.09. The company has a market cap of $37.76 billion, a PE ratio of 24.36, a PEG ratio of 1.94 and a beta of 1.09. The company has a 50-day moving average price of $260.42 and a 200-day moving average price of $235.68.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Wednesday, February 3rd. The company reported $3.36 EPS for the quarter, topping the consensus estimate of $2.74 by $0.62. Cummins had a net margin of 8.12% and a return on equity of 20.30%. The company had revenue of $5.83 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the previous year, the business posted $2.56 EPS. The firm’s revenue was up 4.5% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 11.41 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 4th. Shareholders of record on Friday, February 19th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.10%. The ex-dividend date was Thursday, February 18th. Cummins’s dividend payout ratio (DPR) is presently 35.88%.

In other news, CFO Mark Andrew Smith sold 352 shares of the business’s stock in a transaction that occurred on Tuesday, February 9th. The shares were sold at an average price of $244.64, for a total transaction of $86,113.28. Following the completion of the sale, the chief financial officer now owns 6,771 shares in the company, valued at approximately $1,656,457.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Thaddeus B. Ewald sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, February 9th. The stock was sold at an average price of $244.27, for a total transaction of $158,775.50. Following the sale, the vice president now owns 9,656 shares of the company’s stock, valued at approximately $2,358,671.12. The disclosure for this sale can be found here. Insiders have sold a total of 11,498 shares of company stock valued at $2,816,552 in the last 90 days. Insiders own 1.04% of the company’s stock.

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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