J2 Capital Management Inc acquired a new stake in shares of Cummins Inc. (NYSE:CMI – Free Report) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 1,877 shares of the company’s stock, valued at approximately $654,000. Cummins comprises about 0.6% of J2 Capital Management Inc’s investment portfolio, making the stock its 29th biggest holding.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Prospera Private Wealth LLC acquired a new position in Cummins in the 3rd quarter valued at $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Cummins in the third quarter valued at $34,000. Ashton Thomas Securities LLC acquired a new position in Cummins in the third quarter valued at $55,000. Friedenthal Financial purchased a new position in Cummins during the fourth quarter worth about $55,000. Finally, Bangor Savings Bank boosted its stake in Cummins by 24.6% in the 4th quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after buying an additional 35 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.
Cummins Stock Performance
Shares of NYSE:CMI opened at $365.98 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a one year low of $226.52 and a one year high of $387.90. The business’s 50-day simple moving average is $363.33 and its 200 day simple moving average is $327.38. The company has a market cap of $50.21 billion, a P/E ratio of 24.17, a PEG ratio of 1.61 and a beta of 1.01.
Analysts Set New Price Targets
A number of research analysts have recently commented on the stock. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Robert W. Baird lifted their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. The Goldman Sachs Group upped their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $374.25.
View Our Latest Stock Analysis on CMI
Insider Activity
In related news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is currently owned by 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.
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