Bank of Jackson Hole Trust Has $906,000 Holdings in Cummins Inc. $CMI

Bank of Jackson Hole Trust cut its stake in shares of Cummins Inc. (NYSE:CMI) by 2.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 2,766 shares of the company’s stock after selling 63 shares during the quarter. Bank of Jackson Hole Trust’s holdings in Cummins were worth $906,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of CMI. Olde Wealth Management LLC acquired a new stake in Cummins during the first quarter worth approximately $30,000. Accredited Wealth Management LLC acquired a new stake in Cummins during the first quarter worth approximately $31,000. Richardson Financial Services Inc. acquired a new stake in Cummins during the first quarter worth approximately $39,000. Costello Asset Management INC acquired a new stake in Cummins during the first quarter worth approximately $40,000. Finally, Wealth Preservation Advisors LLC bought a new position in shares of Cummins during the first quarter worth approximately $41,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cummins news, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the sale, the vice president owned 955 shares in the company, valued at $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director owned 5,227 shares in the company, valued at $2,118,659.91. This represents a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 43,119 shares of company stock valued at $17,674,285 over the last three months. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Performance

Shares of NYSE:CMI opened at $414.37 on Wednesday. The company’s 50 day simple moving average is $413.38 and its 200 day simple moving average is $360.07. The stock has a market capitalization of $57.10 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $5.26 earnings per share. As a group, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is 37.61%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CMI. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 8th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. Robert W. Baird raised their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Finally, Citigroup raised their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $410.50.

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.