Cummins Inc. (NYSE:CMI) Shares Sold by Nordea Investment Management AB

Nordea Investment Management AB decreased its holdings in Cummins Inc. (NYSE:CMI) by 5.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 796,229 shares of the company’s stock after selling 48,751 shares during the period. Nordea Investment Management AB’s holdings in Cummins were worth $278,688,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Victory Capital Management Inc. increased its stake in shares of Cummins by 12.2% in the 2nd quarter. Victory Capital Management Inc. now owns 173,662 shares of the company’s stock worth $48,092,000 after acquiring an additional 18,883 shares during the last quarter. Savant Capital LLC increased its holdings in shares of Cummins by 12.0% during the 2nd quarter. Savant Capital LLC now owns 12,089 shares of the company’s stock worth $3,348,000 after buying an additional 1,296 shares during the last quarter. Chicago Capital LLC acquired a new position in Cummins in the second quarter valued at approximately $902,000. Umpqua Bank grew its position in Cummins by 6.9% in the second quarter. Umpqua Bank now owns 4,645 shares of the company’s stock worth $1,286,000 after acquiring an additional 300 shares during the period. Finally, Chris Bulman Inc purchased a new stake in Cummins in the second quarter valued at $276,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 6,489 shares of company stock worth $2,357,531. Corporate insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $354.35 on Monday. The firm has a market capitalization of $48.61 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 1.80 and a beta of 1.01. The firm’s fifty day simple moving average is $359.17 and its 200-day simple moving average is $322.30. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $387.90. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the business earned $4.73 EPS. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. Equities analysts forecast that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.05%. Cummins’s dividend payout ratio is presently 48.08%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CMI. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Robert W. Baird boosted their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Citigroup increased their target price on Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cummins presently has an average rating of “Hold” and an average target price of $356.92.

About Cummins

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.