Andra AP fonden Buys 10,400 Shares of Cummins Inc. $CMI

Key Points

• Andra AP fonden boosted its Cummins stake by 87.2% in the first quarter, buying 10,400 additional shares and bringing its total holding to 22,320 shares valued at about $12.0 million.
• Cummins reported better-than-expected quarterly results, with EPS of $6.15 versus the $5.63 estimate and revenue of $8.40 billion slightly above forecasts, while revenue rose 2.7% year over year.
• The company also raised its quarterly dividend to $2.20 per share from $2.00, and analysts currently maintain a consensus Moderate Buy rating with an average price target of $740.07.

Andra AP fonden lifted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 87.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,320 shares of the company's stock after purchasing an additional 10,400 shares during the period. Andra AP fonden's holdings in Cummins were worth $12,009,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Valmark Advisers Inc. lifted its position in shares of Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company's stock valued at $472,000 after buying an additional 16 shares during the last quarter. Nicolet Advisory Services LLC increased its holdings in shares of Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company's stock worth $619,000 after acquiring an additional 17 shares during the last quarter. Uhlmann Price Securities LLC raised its stake in Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company's stock valued at $386,000 after acquiring an additional 17 shares during the period. Frank Rimerman Advisors LLC raised its stake in Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company's stock valued at $1,908,000 after acquiring an additional 18 shares during the period. Finally, Financial Consulate Inc. lifted its holdings in Cummins by 16.8% during the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company's stock valued at $64,000 after purchasing an additional 18 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Performance

NYSE CMI opened at $659.94 on Wednesday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $91.07 billion, a price-to-earnings ratio of 34.25, a P/E/G ratio of 1.56 and a beta of 1.22. The firm's 50 day simple moving average is $674.90 and its 200 day simple moving average is $616.91. Cummins Inc. has a 1 year low of $344.02 and a 1 year high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins's revenue was up 2.7% compared to the same quarter last year. During the same period last year, the firm posted $5.96 earnings per share. As a group, research analysts expect that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 1.3%. This is a boost from Cummins's previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins's dividend payout ratio (DPR) is currently 41.52%.

Insider Buying and Selling

In other Cummins news, VP Marvin Boakye sold 3,481 shares of the business's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the sale, the vice president directly owned 8,508 shares of the company's stock, valued at $5,784,589.20. The trade was a 29.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the firm's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the transaction, the vice president directly owned 11,986 shares of the company's stock, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 13,579 shares of company stock worth $9,377,684 in the last ninety days. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on CMI. Citigroup lifted their price objective on shares of Cummins from $770.00 to $790.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Barclays lifted their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Truist Financial upped their price target on shares of Cummins from $815.00 to $901.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Finally, Sanford C. Bernstein restated a "market perform" rating on shares of Cummins in a research report on Friday, May 22nd. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $740.07.

Cummins Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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