Cummins Inc. (NYSE:CMI) Shares Sold by Skandinaviska Enskilda Banken AB publ

Skandinaviska Enskilda Banken AB publ trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,694 shares of the company’s stock after selling 100 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Cummins were worth $9,649,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. State Street Corp raised its stake in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after buying an additional 126,703 shares during the period. Fisher Asset Management LLC raised its stake in shares of Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after buying an additional 66,887 shares during the period. FMR LLC raised its stake in shares of Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after buying an additional 9,245 shares during the period. Bank of New York Mellon Corp raised its stake in Cummins by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after purchasing an additional 120,579 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Cummins by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 884,402 shares of the company’s stock valued at $308,303,000 after purchasing an additional 17,687 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on CMI shares. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Friday. Jefferies Financial Group increased their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Evercore ISI increased their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Finally, Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $386.67.

Cummins Stock Up 3.0 %

NYSE CMI opened at $322.24 on Friday. The firm has a market cap of $44.30 billion, a PE ratio of 11.44, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The business’s fifty day simple moving average is $359.39 and its 200-day simple moving average is $346.59. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last issued 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 analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $4.14 EPS. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.26%. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Cummins Company Profile

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.