Fjarde AP Fonden Fourth Swedish National Pension Fund Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 4.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,370 shares of the company’s stock after acquiring an additional 1,600 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Cummins were worth $13,724,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CMI. PFG Investments LLC grew its stake in Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after purchasing an additional 485 shares in the last quarter. Mariner Investment Group LLC purchased a new position in shares of Cummins during the fourth quarter valued at $1,046,000. Alpha DNA Investment Management LLC purchased a new position in shares of Cummins during the third quarter valued at $748,000. Franklin Resources Inc. raised its holdings in shares of Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after acquiring an additional 99,464 shares in the last quarter. Finally, Bank of Montreal Can lifted its stake in Cummins by 21.2% in the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after acquiring an additional 68,627 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on CMI. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Truist Financial upped 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. Barclays lifted their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, Evercore ISI upped their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $386.67.

Cummins Trading Down 4.6 %

Shares of NYSE:CMI opened at $366.79 on Monday. The business’s 50-day moving average is $361.51 and its 200 day moving average is $342.40. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 1 year low of $259.06 and a 1 year high of $387.90. The firm has a market capitalization of $50.43 billion, a P/E ratio of 13.02, a P/E/G ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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 the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.14 earnings per share. On average, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a $1.82 dividend. The ex-dividend date is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.98%. Cummins’s dividend payout ratio is currently 25.84%.

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.