Jump Financial LLC Has $1.83 Million Holdings in Cummins Inc. $CMI

Key Points

• Jump Financial LLC increased its stake in Cummins Inc. by 101.9% during the first quarter, bringing its total holdings to 5,843 shares valued at approximately $1.83 million.
• The company announced a quarterly dividend increase to $2.00 per share, up from the previous $1.82, reflecting a positive growth outlook with a current annualized yield of 2.0%.
• Research firms have upgraded Cummins' stock ratings, with Goldman Sachs raising its target price from $410 to $431, indicating strong institutional interest in the company's performance.

Jump Financial LLC raised its stake in Cummins Inc. (NYSE:CMI - Free Report) by 101.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,843 shares of the company's stock after acquiring an additional 2,949 shares during the quarter. Jump Financial LLC's holdings in Cummins were worth $1,831,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in CMI. Brighton Jones LLC increased its position in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after purchasing an additional 83 shares during the last quarter. Lido Advisors LLC increased its position in Cummins by 4.3% during the fourth quarter. Lido Advisors LLC now owns 14,494 shares of the company's stock worth $5,053,000 after buying an additional 597 shares during the period. Schonfeld Strategic Advisors LLC boosted its holdings in shares of Cummins by 129.2% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 56,527 shares of the company's stock valued at $19,705,000 after acquiring an additional 31,869 shares during the period. Comerica Bank boosted its stake in Cummins by 1.7% during the 4th quarter. Comerica Bank now owns 33,689 shares of the company's stock worth $11,744,000 after purchasing an additional 566 shares during the period. Finally, Rehmann Capital Advisory Group boosted its stake in Cummins by 20.2% during the 4th quarter. Rehmann Capital Advisory Group now owns 3,136 shares of the company's stock worth $1,093,000 after purchasing an additional 528 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CMI shares. Barclays increased their price target on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. JPMorgan Chase & Co. raised their target price on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Citigroup lifted their price target on shares of Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and increased their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $370.83.

Insiders Place Their Bets

In other news, CFO Mark Andrew Smith sold 6,500 shares of Cummins stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total value of $2,632,500.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company's stock, valued at approximately $12,790,710. The trade was a 17.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president owned 7,693 shares of the company's stock, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,039 shares of company stock worth $10,385,075. Corporate insiders own 0.41% of the company's stock.

Cummins Trading Down 0.9%

Shares of NYSE CMI traded down $3.49 on Monday, reaching $398.43. 593,343 shares of the company traded hands, compared to its average volume of 872,355. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $408.38. The company has a 50 day moving average of $363.36 and a 200 day moving average of $335.05. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $54.90 billion, a PE ratio of 18.73, a P/E/G ratio of 1.93 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $5.26 earnings per share. On average, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 2.0%. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio (DPR) is 37.61%.

Cummins Profile

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.