Swedbank AB Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

Swedbank AB increased its position in Cummins Inc. (NYSE:CMI) by 1.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 103,770 shares of the company’s stock after purchasing an additional 1,553 shares during the period. Swedbank AB owned 0.08% of Cummins worth $33,600,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cultivar Capital Inc. bought a new stake in Cummins in the second quarter worth $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins in the second quarter valued at about $28,000. Lynx Investment Advisory bought a new position in Cummins in the second quarter valued at about $29,000. LRI Investments LLC bought a new position in Cummins in the first quarter valued at about $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in Cummins in the third quarter worth about $34,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cummins 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 completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated 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 owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CMI has been the subject of a number of analyst reports. Citigroup upped their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Robert W. Baird raised their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Raymond James began coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial raised 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. Finally, Barclays raised 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 research 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 MarketBeat, the company has a consensus rating of “Hold” and an average price target of $311.55.

Cummins Price Performance

NYSE:CMI opened at $333.88 on Thursday. The stock has a 50 day moving average price of $311.09 and a 200 day moving average price of $294.29. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The stock has a market cap of $45.67 billion, a PE ratio of 24.44, a P/E/G ratio of 1.92 and a beta of 0.98. Cummins Inc. has a one year low of $212.80 and a one year high of $339.78.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. 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 firm earned $5.18 earnings per share. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 2.18%. Cummins’s dividend payout ratio is currently 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.