Handelsbanken Fonder AB Cuts Stock Position in Cummins Inc. (NYSE:CMI)

Handelsbanken Fonder AB lessened its holdings in Cummins Inc. (NYSE:CMI) by 46.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,191 shares of the company’s stock after selling 1,876 shares during the period. Handelsbanken Fonder AB’s holdings in Cummins were worth $687,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Sanibel Captiva Trust Company Inc. raised its stake in shares of Cummins by 2.0% in the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 62,674 shares of the company’s stock valued at $19,645,000 after acquiring an additional 1,255 shares during the period. Accurate Wealth Management LLC purchased a new position in shares of Cummins in the 1st quarter valued at $302,000. Simplicity Wealth LLC purchased a new position in shares of Cummins in the 1st quarter valued at $964,000. GAMMA Investing LLC raised its stake in shares of Cummins by 22.3% in the 1st quarter. GAMMA Investing LLC now owns 3,801 shares of the company’s stock valued at $1,191,000 after acquiring an additional 692 shares during the period. Finally, Wealthcare Advisory Partners LLC raised its stake in shares of Cummins by 7.2% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,807 shares of the company’s stock valued at $1,193,000 after acquiring an additional 255 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now directly owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.41% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CMI shares. JPMorgan Chase & Co. raised their price target on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Evercore ISI dropped their price target on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. Truist Financial dropped their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. Morgan Stanley lifted their price target on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. Finally, The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $357.25.

Cummins Trading Down 1.7%

NYSE CMI opened at $319.19 on Monday. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company has a 50-day simple moving average of $308.02 and a 200-day simple moving average of $336.44. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market capitalization of $43.97 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $5.08 EPS. On average, equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date was Friday, May 23rd. Cummins’s payout ratio is 36.22%.

Cummins Company 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.