Cummins Inc. $CMI Shares Sold by Nordea Investment Management AB

Key Points

• Nordea Investment Management AB decreased its holdings in Cummins Inc. by 21.9%, owning 615,541 shares after selling 172,846 during the second quarter.
• Cummins reported earnings of $6.43 EPS for the last quarter, exceeding estimates and achieving a revenue of $8.64 billion, although down 1.7% compared to the previous year.
• The company declared a quarterly dividend of $2.00 per share, representing a dividend yield of 1.9%, with the payment set for December 4th.

Nordea Investment Management AB cut its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 21.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 615,541 shares of the company's stock after selling 172,846 shares during the period. Nordea Investment Management AB owned 0.45% of Cummins worth $200,500,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CMI. Raymond James Financial Inc. raised its holdings in Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock valued at $424,414,000 after acquiring an additional 817,384 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock valued at $314,942,000 after buying an additional 424,294 shares during the period. Nuveen LLC purchased a new stake in shares of Cummins during the 1st quarter valued at $109,120,000. Vanguard Group Inc. grew its stake in shares of Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after buying an additional 321,823 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of Cummins by 74.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company's stock valued at $234,907,000 after buying an additional 319,277 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CMI. Evercore ISI reissued an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Barclays upped their price target on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Truist Financial upped their price target on shares of Cummins from $380.00 to $434.00 and gave the stock a "hold" rating in a research report on Wednesday, October 8th. Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research report on Wednesday, September 3rd. Finally, Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Cummins has an average rating of "Moderate Buy" and an average target price of $407.43.

Insider Buying and Selling at Cummins

In other news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares of the company's stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,119 shares of company stock valued at $17,674,285. Corporate insiders own 0.41% of the company's stock.

Cummins Stock Performance

NYSE:CMI opened at $411.84 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a 50-day moving average of $411.10 and a two-hundred day moving average of $352.75. The stock has a market cap of $56.75 billion, a P/E ratio of 19.36, a PEG ratio of 2.04 and a beta of 1.04. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $440.51.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion for the quarter, compared to analysts' expectations of $8.45 billion. During the same quarter last year, the company posted $5.26 earnings per share. The company's quarterly revenue was down 1.7% compared to the same quarter last year. On average, research analysts expect 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, December 4th. Stockholders of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins's dividend payout ratio (DPR) is presently 37.61%.

Cummins 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.

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