Cummins Inc. (NYSE:CMI) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB lessened its holdings in Cummins Inc. (NYSE:CMI) by 72.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,745 shares of the company’s stock after selling 15,366 shares during the period. Handelsbanken Fonder AB’s holdings in Cummins were worth $1,376,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares during the last quarter. Morgan Stanley boosted its holdings in Cummins by 2.7% during the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after acquiring an additional 50,476 shares during the period. Northern Trust Corp boosted its holdings in Cummins by 4.0% during the 3rd quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after acquiring an additional 69,830 shares during the period. Stifel Financial Corp boosted its holdings in Cummins by 0.9% during the 3rd quarter. Stifel Financial Corp now owns 1,599,531 shares of the company’s stock valued at $365,430,000 after acquiring an additional 13,634 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Cummins by 28.2% during the 3rd quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock valued at $244,710,000 after acquiring an additional 235,372 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock opened at $291.14 on Friday. The stock has a market cap of $39.82 billion, a price-to-earnings ratio of 56.20, a PEG ratio of 1.98 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The business has a 50 day moving average price of $283.34 and a 200 day moving average price of $250.77. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period last year, the firm earned $4.52 EPS. Equities research analysts anticipate that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Thursday, February 22nd. Cummins’s payout ratio is currently 129.73%.

Insider Activity

In other news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, SVP Tony Satterthwaite sold 37,450 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the transaction, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the transaction, the vice president now directly owns 16,899 shares in the company, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,289 shares of company stock valued at $13,576,838. Company insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CMI shares. Citigroup raised their target price on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Monday, April 22nd. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $243.00 to $225.00 in a research note on Friday, January 19th. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Finally, UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Cummins has a consensus rating of “Hold” and an average price target of $279.70.

Cummins 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.