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

Swedbank AB lessened its stake in Cummins Inc. (NYSE:CMI) by 32.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 102,217 shares of the company’s stock after selling 48,773 shares during the period. Swedbank AB owned 0.07% of Cummins worth $28,307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Tennessee Valley Asset Management Partners purchased a new position in Cummins in the fourth quarter valued at about $195,000. Louisiana State Employees Retirement System acquired a new stake in Cummins in the fourth quarter worth about $2,060,000. Strs Ohio boosted its holdings in Cummins by 36.5% in the fourth quarter. Strs Ohio now owns 8,485 shares of the company’s stock worth $2,032,000 after acquiring an additional 2,271 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Cummins by 1.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 73,419 shares of the company’s stock worth $17,589,000 after acquiring an additional 1,134 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in Cummins by 6.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 13,785 shares of the company’s stock worth $3,303,000 after acquiring an additional 854 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other Cummins news, VP Marvin Boakye purchased 1,745 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were acquired at an average price of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Marvin Boakye bought 1,745 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were purchased at an average price of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now owns 1,745 shares in the company, valued at $499,139.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CMI. Truist Financial raised their price target on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday, August 5th. TD Cowen raised their price target on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. JPMorgan Chase & Co. raised their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Finally, Barclays lifted their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and an average price target of $295.00.

Cummins Stock Performance

NYSE:CMI traded up $1.86 during trading hours on Friday, reaching $301.66. The company had a trading volume of 578,156 shares, compared to its average volume of 1,823,166. The firm has a market cap of $41.26 billion, a PE ratio of 21.94, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83. The business’s 50 day moving average price is $282.72 and its 200-day moving average price is $279.95. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the previous year, the business earned $5.18 earnings per share. The business’s revenue was up 2.3% compared to the same quarter last year. Research analysts forecast that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.41%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. Cummins’s payout ratio is presently 53.29%.

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.