Fjarde AP Fonden Fourth Swedish National Pension Fund Increases Holdings in Cummins Inc. $CMI

Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Cummins Inc. (NYSE:CMI) by 24.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,361 shares of the company’s stock after purchasing an additional 7,200 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Cummins were worth $11,908,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CMI. Olde Wealth Management LLC purchased a new stake in shares of Cummins in the first quarter valued at approximately $30,000. Accredited Wealth Management LLC purchased a new stake in Cummins during the first quarter worth $31,000. Richardson Financial Services Inc. purchased a new stake in Cummins during the first quarter worth $39,000. Costello Asset Management INC purchased a new stake in Cummins during the first quarter worth $40,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in Cummins during the first quarter worth $41,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $414.37 on Wednesday. The business’s fifty day simple moving average is $413.38 and its 200-day simple moving average is $360.07. The company has a market cap of $57.10 billion, a PE ratio of 19.48, a PEG ratio of 1.95 and a beta of 1.04. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $440.51.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the prior year, the firm posted $5.26 earnings per share. The business’s quarterly revenue was down 1.7% on a year-over-year basis. Analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio is presently 37.61%.

Insider Transactions at Cummins

In related news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 43,119 shares of company stock worth $17,674,285 over the last 90 days. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CMI shares. Robert W. Baird upped their target price on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Truist Financial upped their target price on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 8th. Finally, Citigroup upped their target price on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $410.50.

Cummins 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.