Cummins Inc. $CMI Shares Sold by Fjarde AP Fonden Fourth Swedish National Pension Fund

Fjarde AP Fonden Fourth Swedish National Pension Fund lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,775 shares of the company’s stock after selling 2,586 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Cummins were worth $14,266,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Osterweis Capital Management Inc. acquired a new position in Cummins in the second quarter valued at approximately $31,000. Salomon & Ludwin LLC increased its holdings in shares of Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after purchasing an additional 80 shares during the period. Tripletail Wealth Management LLC acquired a new stake in shares of Cummins in the 3rd quarter worth $39,000. CNB Bank acquired a new position in Cummins during the 2nd quarter worth approximately $43,000. Finally, SJS Investment Consulting Inc. raised its position in Cummins by 1,414.3% in the third quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock worth $45,000 after acquiring an additional 99 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This trade represents a 29.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 19,330 shares of company stock valued at $9,135,364 over the last three months. 0.41% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research analyst reports. Citigroup boosted their target price on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 30th. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. UBS Group upgraded shares of Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. Finally, Wells Fargo & Company started coverage on Cummins in a research note on Thursday, November 13th. They set an “overweight” rating and a $599.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $513.07.

Cummins Price Performance

NYSE:CMI opened at $580.15 on Friday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $583.08. The firm has a market cap of $80.08 billion, a P/E ratio of 30.11, a PEG ratio of 2.01 and a beta of 1.12. The business’s 50-day moving average price is $510.68 and its 200 day moving average price is $436.14. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The firm had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter in the previous year, the company earned $5.86 EPS. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.