Cummins Inc. (NYSE:CMI) Shares Acquired by Swedbank AB

Swedbank AB raised its stake in shares of Cummins Inc. (NYSE:CMI) by 1.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 103,770 shares of the company’s stock after buying an additional 1,553 shares during the period. Swedbank AB owned approximately 0.08% of Cummins worth $33,600,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins during the second quarter worth approximately $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins in the second quarter valued at $28,000. Lynx Investment Advisory acquired a new position in Cummins during the second quarter worth about $29,000. LRI Investments LLC bought a new stake in Cummins in the first quarter worth about $31,000. Finally, Prospera Private Wealth LLC acquired a new stake in Cummins in the 3rd quarter valued at about $32,000. 83.46% of the stock is currently owned by institutional investors.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold 6,489 shares of company stock valued at $2,357,531 in the last three months. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of several recent research reports. Citigroup boosted their target price on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Truist Financial increased their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. 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. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, Robert W. Baird lifted their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $337.67.

Cummins Stock Performance

Shares of CMI opened at $375.32 on Tuesday. The company has a market capitalization of $51.49 billion, a PE ratio of 24.79, a PEG ratio of 1.81 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The company’s 50 day moving average price is $337.27 and its 200 day moving average price is $305.21. Cummins Inc. has a 52 week low of $222.04 and a 52 week high of $377.64.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the company posted $4.73 EPS. Cummins’s revenue was up .3% on a year-over-year basis. Research analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.94%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is currently 48.08%.

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.