Forsta AP Fonden Purchases 15,500 Shares of Cummins Inc. (NYSE:CMI)

Forsta AP Fonden boosted its position in shares of Cummins Inc. (NYSE:CMI) by 44.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,640 shares of the company’s stock after buying an additional 15,500 shares during the period. Forsta AP Fonden’s holdings in Cummins were worth $17,653,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CMI. Pathway Financial Advisers LLC boosted its position in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after purchasing an additional 972,247 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after purchasing an additional 165,398 shares during the last quarter. State Street Corp raised its holdings in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Finally, abrdn plc lifted its position in shares of Cummins by 22.5% during the 3rd quarter. abrdn plc now owns 611,810 shares of the company’s stock worth $198,119,000 after buying an additional 112,529 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders sold 6,490 shares of company stock valued at $2,357,880. 0.56% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. Robert W. Baird lifted their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Jefferies Financial Group boosted their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Eight research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $374.25.

Cummins Stock Performance

Shares of Cummins stock opened at $354.31 on Thursday. The stock has a market cap of $48.60 billion, a price-to-earnings ratio of 23.40, a P/E/G ratio of 1.69 and a beta of 1.01. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a twelve month low of $236.00 and a twelve month high of $387.90. The company’s fifty day moving average is $363.40 and its 200 day moving average is $332.55.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $8.29 billion. During the same quarter in the prior year, the firm posted $4.73 earnings per share. The business’s quarterly revenue was up .3% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 21.92 EPS for the current year.

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.