Handelsbanken Fonder AB Sells 728 Shares of Cummins Inc. $CMI

Handelsbanken Fonder AB lowered its position in shares of Cummins Inc. (NYSE:CMI) by 33.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,463 shares of the company’s stock after selling 728 shares during the quarter. Handelsbanken Fonder AB’s holdings in Cummins were worth $479,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after buying an additional 344,680 shares in the last quarter. Geode Capital Management LLC grew its position in Cummins by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after acquiring an additional 43,720 shares during the last quarter. Northern Trust Corp grew its position in Cummins by 1.2% during the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after acquiring an additional 22,202 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Cummins by 0.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock valued at $512,343,000 after purchasing an additional 8,487 shares in the last quarter. Finally, Raymond James Financial Inc. raised its position in Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after purchasing an additional 817,384 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on CMI shares. Sanford C. Bernstein restated a “market perform” rating and set a $475.00 target price on shares of Cummins in a report on Friday, November 7th. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research note on Monday, November 24th. Finally, Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Twelve analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average target price of $476.75.

Insiders Place Their Bets

In related news, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This trade represents a 29.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the transaction, the chief executive officer owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This represents a 9.63% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 36,410 shares of company stock worth $16,424,574. Insiders own 0.41% of the company’s stock.

Cummins Price Performance

Shares of CMI stock opened at $497.08 on Friday. The firm’s 50 day moving average price is $442.27 and its two-hundred day moving average price is $387.67. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $500.17. The stock has a market cap of $68.61 billion, a PE ratio of 23.37, a PEG ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter in the prior year, the business posted $5.86 EPS. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.6%. Cummins’s dividend payout ratio is presently 41.52%.

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.