Forsta AP Fonden Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

Forsta AP Fonden lessened its holdings in Cummins Inc. (NYSE:CMI) by 1.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,140 shares of the company’s stock after selling 600 shares during the quarter. Forsta AP Fonden’s holdings in Cummins were worth $11,378,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. CWM LLC increased its holdings in shares of 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. Distillate Capital Partners LLC raised its holdings in Cummins by 109,309.3% during the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after purchasing an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Cummins during the 2nd quarter worth approximately $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of 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 buying an additional 21,850 shares in the last quarter. Finally, Duality Advisers LP grew its position in shares of 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 buying an additional 12,087 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cummins

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

Cummins Price Performance

Shares of NYSE CMI opened at $329.17 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company has a market cap of $45.02 billion, a PE ratio of 24.10, a P/E/G ratio of 1.92 and a beta of 0.98. The stock has a fifty day moving average price of $316.25 and a 200 day moving average price of $295.94. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $340.82.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same quarter last year, the business earned $5.18 EPS. The business’s revenue was up 2.3% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.21%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 53.29%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CMI. Robert W. Baird boosted their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Truist Financial boosted their target price on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Citigroup raised their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. 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 stock. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus price target of $311.55.

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.