Cummins Inc. $CMI Stock Holdings Increased by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its stake in Cummins Inc. (NYSE:CMI) by 55.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,477 shares of the company’s stock after purchasing an additional 882 shares during the quarter. Handelsbanken Fonder AB’s holdings in Cummins were worth $1,264,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Frank Rimerman Advisors LLC lifted its position in shares of Cummins by 0.5% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after purchasing an additional 18 shares in the last quarter. Financial Consulate Inc. lifted its position in shares of Cummins by 16.8% in the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after purchasing an additional 18 shares in the last quarter. Gilbert & Cook Inc. lifted its position in shares of Cummins by 1.0% in the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock worth $947,000 after purchasing an additional 19 shares in the last quarter. Sound View Wealth Advisors Group LLC lifted its position in shares of Cummins by 2.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock worth $501,000 after purchasing an additional 20 shares in the last quarter. Finally, Red Door Wealth Management LLC lifted its position in shares of Cummins by 2.3% in the fourth quarter. Red Door Wealth Management LLC now owns 878 shares of the company’s stock worth $448,000 after purchasing an additional 20 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other Cummins news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the transaction, the vice president owned 8,508 shares in the company, valued at $5,784,589.20. This trade represents a 29.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Donald G. Jackson sold 730 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the transaction, the vice president owned 8,316 shares in the company, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 17,633 shares of company stock valued at $11,653,357 in the last ninety days. 0.30% of the stock is currently owned by insiders.

Cummins Trading Up 4.5%

NYSE:CMI opened at $668.64 on Wednesday. The stock’s 50 day moving average price is $616.71 and its 200 day moving average price is $566.52. Cummins Inc. has a 52 week low of $307.90 and a 52 week high of $718.08. The company has a market capitalization of $92.27 billion, a P/E ratio of 34.70, a P/E/G ratio of 1.58 and a beta of 1.27. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the prior year, the company posted $5.96 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. On average, research analysts forecast that Cummins Inc. will post 28.93 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be issued a $2.00 dividend. The ex-dividend date is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins’s dividend payout ratio is currently 41.52%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Evercore reissued an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Raymond James Financial increased their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $700.50.

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.