Baker Boyer National Bank Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

Baker Boyer National Bank trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 971 shares of the company’s stock after selling 44 shares during the period. Baker Boyer National Bank’s holdings in Cummins were worth $338,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CMI. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. Jefferies Financial Group increased their price target 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. 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. Finally, Truist Financial raised their target price 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. Eight analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $374.25.

Cummins Price Performance

Shares of CMI opened at $350.59 on Wednesday. The company has a market capitalization of $48.09 billion, a P/E ratio of 23.16, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a 50 day moving average of $363.62 and a 200 day moving average of $332.09. Cummins Inc. has a twelve month low of $236.00 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the firm earned $4.73 earnings per share. As a group, equities research analysts anticipate that Cummins Inc. will post 21.92 earnings per share for the current fiscal year.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 6,489 shares of company stock valued at $2,357,531 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Cummins Company 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.