Andra AP fonden Lowers Position in Cummins Inc. $CMI

Andra AP fonden decreased its position in shares of Cummins Inc. (NYSE:CMI) by 88.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,000 shares of the company’s stock after selling 47,200 shares during the quarter. Andra AP fonden’s holdings in Cummins were worth $2,534,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Flagship Wealth Advisors LLC acquired a new stake in Cummins during the third quarter valued at $28,000. Osterweis Capital Management Inc. purchased a new stake in shares of Cummins during the 2nd quarter worth about $31,000. Guerra Advisors Inc purchased a new stake in shares of Cummins during the 3rd quarter worth about $36,000. Salomon & Ludwin LLC grew its position in shares of Cummins by 1,333.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after acquiring an additional 80 shares during the period. Finally, Tripletail Wealth Management LLC purchased a new position in shares of Cummins in the 3rd quarter valued at about $39,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Earl Newsome sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the transaction, the vice president directly owned 3,389 shares in the company, valued at $1,978,057.63. The trade was a 27.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Jennifer Mary Bush sold 4,270 shares of the stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the sale, the vice president directly owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. This represents a 22.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 27,141 shares of company stock worth $16,121,817. 0.41% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wells Fargo & Company increased their price target on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Barclays increased their target price on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Citigroup lifted their price target on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Wall Street Zen upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $588.93.

Cummins Trading Down 0.6%

Shares of CMI opened at $584.37 on Friday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The stock has a market cap of $80.74 billion, a PE ratio of 28.48, a price-to-earnings-growth ratio of 1.85 and a beta of 1.13. The firm’s fifty day moving average is $566.52 and its two-hundred day moving average is $485.11. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the business earned $5.16 earnings per share. Research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be issued a $2.00 dividend. The ex-dividend date is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.4%. Cummins’s dividend payout ratio is presently 38.99%.

About Cummins

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.