Andra AP fonden Increases Stake in Cummins Inc. $CMI

Andra AP fonden grew its holdings in Cummins Inc. (NYSE:CMI) by 19.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 53,200 shares of the company’s stock after purchasing an additional 8,800 shares during the quarter. Andra AP fonden’s holdings in Cummins were worth $17,423,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after purchasing an additional 321,823 shares in the last quarter. Northern Trust Corp grew its stake in Cummins by 1.2% during the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock valued at $597,170,000 after purchasing an additional 22,202 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cummins by 0.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock valued at $512,343,000 after buying an additional 8,487 shares during the last quarter. Raymond James Financial Inc. increased its stake in shares of Cummins by 152.3% in the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after acquiring an additional 817,384 shares during the period. Finally, Invesco Ltd. grew its position in Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, CFO Mark Andrew Smith sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. The trade was a 20.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 37,949 shares of company stock worth $15,674,705. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Up 5.2%

CMI opened at $462.18 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $482.53. The company has a market cap of $63.68 billion, a PE ratio of 21.73, a P/E/G ratio of 2.05 and a beta of 1.07. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The business has a 50 day moving average price of $419.28 and a two-hundred day moving average price of $367.16.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.76. The firm had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the business posted $5.86 EPS. As a group, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.7%. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Truist Financial raised their price target on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. Finally, Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $415.15.

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.