Swedbank AB Increases Stake in Cummins Inc. (NYSE:CMI)

Swedbank AB increased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 103,770 shares of the company's stock after purchasing an additional 1,553 shares during the period. Swedbank AB owned approximately 0.08% of Cummins worth $33,600,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC grew its stake in shares of Cummins by 4.0% during the third quarter. Kingsview Wealth Management LLC now owns 14,102 shares of the company's stock valued at $4,566,000 after buying an additional 545 shares during the last quarter. Cerity Partners LLC grew its position in Cummins by 13.4% in the 3rd quarter. Cerity Partners LLC now owns 115,542 shares of the company's stock valued at $37,411,000 after acquiring an additional 13,660 shares during the last quarter. Great Valley Advisor Group Inc. grew its position in Cummins by 3.2% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,839 shares of the company's stock valued at $920,000 after acquiring an additional 87 shares during the last quarter. Icon Wealth Advisors LLC increased its stake in Cummins by 16.0% in the third quarter. Icon Wealth Advisors LLC now owns 1,540 shares of the company's stock worth $499,000 after purchasing an additional 212 shares during the period. Finally, Allen Capital Group LLC lifted its position in shares of Cummins by 5.2% during the third quarter. Allen Capital Group LLC now owns 1,157 shares of the company's stock worth $375,000 after purchasing an additional 57 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 162 shares of Cummins 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 sale, the vice president now owns 20,803 shares of the company's stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by company insiders.

Cummins Stock Performance

Shares of NYSE:CMI traded up $2.32 during midday trading on Tuesday, reaching $377.59. The company's stock had a trading volume of 398,532 shares, compared to its average volume of 1,450,846. The firm has a market capitalization of $51.80 billion, a PE ratio of 24.86, a P/E/G ratio of 1.81 and a beta of 0.97. The stock has a fifty day moving average of $337.27 and a 200 day moving average of $305.21. Cummins Inc. has a twelve month low of $222.04 and a twelve month high of $377.69. 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 - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping 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 firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the company earned $4.73 earnings per share. Cummins's revenue for the quarter was up .3% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins's dividend payout ratio (DPR) is presently 48.08%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CMI shares. StockNews.com raised shares of Cummins from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, November 6th. Truist Financial lifted their price target on shares of Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a research note on Wednesday, October 9th. Citigroup raised their price objective on Cummins from $375.00 to $415.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. upped their target price on Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a report on Friday, October 11th. Finally, Vertical Research downgraded Cummins from a "buy" rating to a "hold" rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $337.67.

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.