Cummins Inc. $CMI Shares Sold by Andra AP fonden

Andra AP fonden decreased its position in Cummins Inc. (NYSE:CMI) by 88.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,000 shares of the company’s stock after selling 47,200 shares during the period. Andra AP fonden’s holdings in Cummins were worth $2,534,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CMI. Mirae Asset Global Investments Co. Ltd. raised its holdings in Cummins by 8.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after buying an additional 2,417 shares during the period. New York State Teachers Retirement System increased its position in shares of Cummins by 2.1% during the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after acquiring an additional 2,305 shares during the last quarter. Bailard Inc. increased its position in shares of Cummins by 7.2% during the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after acquiring an additional 4,035 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Cummins by 6.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after acquiring an additional 17,566 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Cummins by 50.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after acquiring an additional 488,430 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CMI. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. Wall Street Zen upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Morgan Stanley reiterated an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a report on Friday, February 6th. Argus set a $696.00 target price on Cummins in a report on Tuesday, February 10th. Finally, Raymond James Financial lifted their target price on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Cummins Trading Down 0.6%

NYSE:CMI opened at $584.37 on Friday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98. The firm has a market cap of $80.74 billion, a PE ratio of 28.48, a price-to-earnings-growth ratio of 1.85 and a beta of 1.13. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The stock has a fifty day moving average price of $566.52 and a 200 day moving average price of $485.11.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.Cummins’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.16 EPS. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.4%. Cummins’s dividend payout ratio (DPR) is 38.99%.

Insider Buying and Selling

In related news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares in the company, valued at $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Amy Rochelle Davis sold 1,864 shares of the stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $586.64, for a total transaction of $1,093,496.96. Following the completion of the sale, the vice president directly owned 17,827 shares in the company, valued at approximately $10,458,031.28. This represents a 9.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 27,141 shares of company stock valued at $16,121,817 over the last ninety days. 0.41% of the stock is currently owned by corporate insiders.

Cummins 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.