Cummins Inc. $CMI Shares Sold by Swedbank AB

Swedbank AB trimmed its holdings in Cummins Inc. (NYSE:CMI) by 1.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 147,013 shares of the company’s stock after selling 2,759 shares during the quarter. Swedbank AB’s holdings in Cummins were worth $79,096,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CMI. Juno Financial Group LLC acquired a new position in Cummins during the fourth quarter worth approximately $883,000. Truist Financial Corp grew its position in shares of Cummins by 4.8% during the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock worth $32,671,000 after acquiring an additional 2,951 shares during the last quarter. Perbak Capital Partners LLP acquired a new position in shares of Cummins in the 3rd quarter valued at $1,385,000. Nordea Investment Management AB raised its position in Cummins by 103.8% in the 4th quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock valued at $280,397,000 after purchasing an additional 278,350 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in Cummins by 6.4% in the 3rd quarter. California Public Employees Retirement System now owns 261,522 shares of the company’s stock valued at $110,459,000 after purchasing an additional 15,621 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Raymond James Financial raised their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Wells Fargo & Company upped their target price on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. UBS Group reissued a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Finally, Citigroup upped their price objective on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $738.00.

Cummins Trading Down 2.7%

Shares of CMI stock opened at $659.87 on Wednesday. The business’s fifty day moving average price is $677.96 and its 200 day moving average price is $606.51. The firm has a market capitalization of $91.06 billion, a PE ratio of 34.24, a P/E/G ratio of 1.66 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a 1-year low of $328.02 and a 1-year high of $737.76.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the previous year, the firm earned $5.96 EPS. The business’s revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts forecast that Cummins Inc. will post 29.32 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio is presently 41.52%.

Insider Buying and Selling

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the sale, the vice president directly owned 8,508 shares in the company, valued at $5,784,589.20. This trade represents a 29.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last 90 days. 0.30% of the stock is owned by corporate insiders.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.