Tredje AP fonden Has $3.93 Million Stake in Cummins Inc. (NYSE:CMI)

Tredje AP fonden grew its stake in Cummins Inc. (NYSE:CMI) by 55.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,274 shares of the company’s stock after purchasing an additional 4,000 shares during the period. Tredje AP fonden’s holdings in Cummins were worth $3,930,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Global Trust Asset Management LLC boosted its position in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares in the last quarter. BankPlus Trust Department bought a new position in shares of Cummins in the 4th quarter valued at $26,000. Compass Financial Services Inc bought a new position in shares of Cummins in the 4th quarter valued at $27,000. SBI Securities Co. Ltd. acquired a new stake in shares of Cummins during the 4th quarter valued at $30,000. Finally, Prospera Private Wealth LLC bought a new stake in Cummins during the 3rd quarter worth $32,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 5.5 %

Shares of NYSE:CMI opened at $312.65 on Friday. Cummins Inc. has a 1 year low of $260.88 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The business’s 50-day moving average is $360.03 and its 200-day moving average is $346.51. The company has a market capitalization of $42.98 billion, a price-to-earnings ratio of 11.10, a P/E/G ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.14 earnings per share. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

Analysts Set New Price Targets

Several equities analysts have commented on CMI shares. Evercore ISI increased their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Robert W. Baird raised their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Truist Financial boosted their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Citigroup reduced their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus price target of $386.67.

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.