Bank of Jackson Hole Trust Makes New $975,000 Investment in Cummins Inc. (NYSE:CMI)

Bank of Jackson Hole Trust purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,796 shares of the company’s stock, valued at approximately $975,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Pathway Financial Advisers LLC boosted its stake in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after acquiring an additional 972,247 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after acquiring an additional 165,398 shares in the last quarter. State Street Corp boosted its stake in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares in the last quarter. Finally, abrdn plc boosted its stake in shares of Cummins by 22.5% during the 3rd quarter. abrdn plc now owns 611,810 shares of the company’s stock worth $198,119,000 after acquiring an additional 112,529 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction that occurred on Thursday, November 21st. The shares were 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 owns 20,803 shares in the company, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.56% of the company’s stock.

Cummins Stock Up 1.5 %

Shares of NYSE CMI opened at $379.21 on Wednesday. The company has a 50 day simple moving average of $360.92 and a 200-day simple moving average of $340.50. The company has a market capitalization of $52.02 billion, a P/E ratio of 13.46, a P/E/G ratio of 2.10 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79. Cummins Inc. has a 1 year low of $259.06 and a 1 year high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business’s revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm earned $4.14 EPS. On average, equities research analysts predict that Cummins Inc. will post 22.57 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.92%. Cummins’s dividend payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. 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 research note on Friday, December 6th. Truist Financial raised their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Robert W. Baird raised their price target on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $383.08.

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.