Cummins Inc. (NYSE:CMI) Stake Cut by Forsta AP Fonden

Forsta AP Fonden lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 24.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,740 shares of the company’s stock after selling 11,700 shares during the quarter. Forsta AP Fonden’s holdings in Cummins were worth $9,897,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CMI. Jupiter Asset Management Ltd. purchased a new position in Cummins during the second quarter valued at approximately $68,018,000. American Century Companies Inc. boosted its stake in shares of Cummins by 8.8% during the 2nd quarter. American Century Companies Inc. now owns 713,181 shares of the company’s stock valued at $197,501,000 after buying an additional 57,779 shares during the period. LPL Financial LLC grew its holdings in shares of Cummins by 3.2% during the 2nd quarter. LPL Financial LLC now owns 298,706 shares of the company’s stock valued at $82,721,000 after acquiring an additional 9,241 shares in the last quarter. HHM Wealth Advisors LLC increased its stake in shares of Cummins by 1,091.3% in the second quarter. HHM Wealth Advisors LLC now owns 1,370 shares of the company’s stock worth $379,000 after acquiring an additional 1,255 shares during the last quarter. Finally, Marco Investment Management LLC increased its stake in shares of Cummins by 10.5% in the second quarter. Marco Investment Management LLC now owns 1,055 shares of the company’s stock worth $292,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction 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 $23,870,722.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Sharon R. Barner sold 4,780 shares of the company’s 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 completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Up 1.6 %

CMI stock opened at $302.13 on Friday. The stock has a market capitalization of $41.41 billion, a price-to-earnings ratio of 22.12, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98. The company has a 50-day moving average of $294.86 and a two-hundred day moving average of $287.04. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $322.83. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.18 EPS. As a group, equities research analysts anticipate that Cummins Inc. will post 19.66 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.41%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is 53.29%.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent research reports. Citigroup initiated coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price on the stock. Raymond James initiated coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Evercore ISI raised their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Truist Financial boosted their target price on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. raised their price target on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $299.55.

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.