Fjarde AP Fonden Fourth Swedish National Pension Fund cut its stake in Cummins Inc. (NYSE:CMI) by 0.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 73,691 shares of the company’s stock after selling 269 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Cummins were worth $11,634,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of CMI. Riverview Trust Co acquired a new position in Cummins during the fourth quarter worth $27,000. Ipswich Investment Management Co. Inc. acquired a new position in Cummins during the fourth quarter worth $28,000. Guidant Wealth Advisors acquired a new position in Cummins during the first quarter worth $29,000. Prime Capital Investment Advisors LLC acquired a new position in Cummins during the fourth quarter worth $32,000. Finally, Bremer Trust National Association acquired a new position in Cummins during the fourth quarter worth $35,000. 81.36% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:CMI traded down $0.74 during midday trading on Wednesday, hitting $163.50. The company’s stock had a trading volume of 1,079,545 shares, compared to its average volume of 1,266,616. The company has a market cap of $25.08 billion, a P/E ratio of 12.36, a P/E/G ratio of 1.18 and a beta of 1.10. Cummins Inc. has a fifty-two week low of $124.40 and a fifty-two week high of $169.45. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.96 and a current ratio of 1.57.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $4.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.51 by $0.69. The company had revenue of $6 billion for the quarter, compared to the consensus estimate of $5.80 billion. Cummins had a return on equity of 30.72% and a net margin of 10.24%. The firm’s revenue was up 7.8% compared to the same quarter last year. During the same period last year, the business posted $3.30 earnings per share. As a group, equities analysts predict that Cummins Inc. will post 16.19 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Friday, May 24th will be given a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Thursday, May 23rd. Cummins’s dividend payout ratio is currently 34.47%.
In other news, insider Srikanth Padmanabhan sold 1,687 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $160.00, for a total value of $269,920.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.95% of the company’s stock.
Several equities analysts have commented on CMI shares. Credit Suisse Group increased their target price on shares of Cummins from $165.00 to $198.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 1st. Robert W. Baird raised shares of Cummins from a “neutral” rating to an “outperform” rating and set a $148.40 target price on the stock in a research report on Thursday, February 7th. Citigroup raised shares of Cummins from a “neutral” rating to a “buy” rating and increased their target price for the stock from $155.00 to $190.00 in a research report on Tuesday, April 16th. Zacks Investment Research raised shares of Cummins from a “sell” rating to a “hold” rating and set a $168.00 target price on the stock in a research report on Wednesday, February 6th. Finally, Oppenheimer downgraded shares of Cummins from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 7th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $165.61.
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Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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