Swedbank AB Boosts Stake in Cummins Inc. (NYSE:CMI)

Swedbank AB boosted its stake in Cummins Inc. (NYSE:CMI) by 1.5% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 103,770 shares of the company’s stock after buying an additional 1,553 shares during the quarter. Swedbank AB’s holdings in Cummins were worth $33,600,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Distillate Capital Partners LLC raised its holdings in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after acquiring an additional 59,027 shares during the last quarter. CWM LLC raised its holdings in Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after acquiring an additional 1,786 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Cummins in the 2nd quarter valued at $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Cummins by 13.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after acquiring an additional 21,850 shares during the last quarter. Finally, Duality Advisers LP raised its holdings in Cummins by 190.3% in the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after acquiring an additional 12,087 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on CMI shares. Raymond James started coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. Citigroup upped their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Truist Financial upped their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Robert W. Baird upped their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Barclays upped their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus target price of $311.55.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

Cummins Stock Performance

NYSE CMI opened at $333.88 on Thursday. The stock has a market cap of $45.67 billion, a P/E ratio of 24.44, a PEG ratio of 1.92 and a beta of 0.98. The company’s 50-day simple moving average is $311.09 and its 200 day simple moving average is $294.29. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $339.78. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.18 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.18%. Cummins’s payout ratio is 53.29%.

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.