Swedbank AB Sells 2,348 Shares of Cummins Inc. (NYSE:CMI)

Swedbank AB trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 101,422 shares of the company’s stock after selling 2,348 shares during the quarter. Swedbank AB owned 0.07% of Cummins worth $35,356,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. State Street Corp grew its stake in Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 5.8% in the third 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 period. Pathway Financial Advisers LLC grew its stake in Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. FMR LLC increased its holdings in Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares during the period. Finally, International Assets Investment Management LLC grew its position in shares of Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after buying an additional 972,247 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Up 1.6 %

Shares of NYSE:CMI opened at $359.81 on Friday. The business has a 50-day moving average price of $363.27 and a 200-day moving average price of $332.70. The stock has a market cap of $49.36 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 1.69 and a beta of 1.01. Cummins Inc. has a 52-week low of $236.00 and a 52-week high of $387.90. 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 (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the business posted $4.73 EPS. Equities analysts predict that Cummins Inc. will post 21.92 EPS for the current year.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 6,490 shares of company stock valued at $2,357,880. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CMI shares. Truist Financial boosted their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Jefferies Financial Group increased their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, Robert W. Baird upped their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price of $374.25.

Cummins Company 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.