Swedbank AB Buys 1,553 Shares of Cummins Inc. (NYSE:CMI)

Swedbank AB lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 1.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 103,770 shares of the company’s stock after acquiring an additional 1,553 shares during the quarter. Swedbank AB’s holdings in Cummins were worth $33,600,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins in the second quarter valued at approximately $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at approximately $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins in the second quarter valued at about $29,000. LRI Investments LLC acquired a new position in shares of Cummins in the first quarter valued at about $31,000. Finally, Prospera Private Wealth LLC acquired a new stake in Cummins in the 3rd quarter worth about $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CMI. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Citigroup increased their target price on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Robert W. Baird increased their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group boosted their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $337.67.

Cummins Price Performance

CMI stock opened at $375.32 on Tuesday. Cummins Inc. has a 1 year low of $222.04 and a 1 year high of $377.64. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The stock has a market cap of $51.49 billion, a price-to-earnings ratio of 24.79, a P/E/G ratio of 1.81 and a beta of 0.97. The company has a 50 day simple moving average of $337.27 and a 200 day simple moving average of $305.21.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the business earned $4.73 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

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

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 6,489 shares of company stock worth $2,357,531. Insiders own 0.56% of the company’s stock.

About Cummins

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.