Forsta AP Fonden Boosts Stake in Cummins Inc. (NYSE:CMI)

Forsta AP Fonden grew its stake in Cummins Inc. (NYSE:CMI - Free Report) by 44.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp lifted its stake in Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company's stock valued at $2,039,894,000 after buying an additional 126,703 shares during the period. Fisher Asset Management LLC increased its stake in 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 in the last quarter. Pathway Financial Advisers LLC increased 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 valued at $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. FMR LLC raised its holdings in shares of Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company's stock valued at $380,484,000 after purchasing an additional 9,245 shares during the period. Finally, International Assets Investment Management LLC boosted 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 purchasing an additional 972,247 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

NYSE:CMI traded up $7.32 during trading hours on Thursday, reaching $361.34. The stock had a trading volume of 129,241 shares, compared to its average volume of 724,726. The stock has a market cap of $49.57 billion, a P/E ratio of 23.87, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01. The stock has a 50 day simple moving average of $363.27 and a 200 day simple moving average of $332.70. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a 12-month low of $236.00 and a 12-month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm's revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the firm posted $4.73 EPS. On average, research analysts forecast that Cummins Inc. will post 21.92 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. StockNews.com upgraded Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, January 22nd. Truist Financial increased their target price on Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Vertical Research lowered shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Evercore ISI raised shares of Cummins from an "in-line" rating to an "outperform" rating and raised their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, 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 report on Friday, December 6th. Eight 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. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $374.25.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the business's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 6,490 shares of company stock valued at $2,357,880 over the last quarter. Company insiders own 0.56% of the company's stock.

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.