Fjarde AP Fonden Fourth Swedish National Pension Fund Sells 2,586 Shares of Cummins Inc. $CMI

Fjarde AP Fonden Fourth Swedish National Pension Fund trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,775 shares of the company’s stock after selling 2,586 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Cummins were worth $14,266,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CMI. Wealth Effects LLC acquired a new position in shares of Cummins in the 3rd quarter valued at $216,000. Versant Capital Management Inc grew its stake in Cummins by 2.5% in the third quarter. Versant Capital Management Inc now owns 1,543 shares of the company’s stock valued at $652,000 after acquiring an additional 38 shares during the period. Meadow Creek Wealth Advisors LLC bought a new stake in shares of Cummins in the third quarter worth about $252,000. Global Wealth Management Investment Advisory Inc. acquired a new stake in shares of Cummins during the third quarter worth about $248,000. Finally, Kera Capital Partners Inc. lifted its holdings in shares of Cummins by 27.2% during the 3rd quarter. Kera Capital Partners Inc. now owns 1,513 shares of the company’s stock valued at $639,000 after purchasing an additional 324 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CMI. Truist Financial increased their target price on Cummins from $628.00 to $653.00 and gave the stock a “buy” rating in a research note on Thursday, December 18th. Citigroup upped their price target on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Raymond James Financial raised shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 target price for the company in a research note on Monday, December 22nd. Finally, UBS Group upgraded Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $513.07.

Insider Buying and Selling

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer directly 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the sale, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 19,330 shares of company stock worth $9,135,364. Company insiders own 0.41% of the company’s stock.

Cummins Stock Up 0.9%

NYSE CMI opened at $580.15 on Friday. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. The company has a market cap of $80.08 billion, a price-to-earnings ratio of 30.11, a PEG ratio of 2.01 and a beta of 1.12. The company has a 50 day moving average of $510.68 and a 200-day moving average of $436.14. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $583.08.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The company’s revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the company earned $5.86 EPS. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.