Lansforsakringar Fondforvaltning AB publ Sells 12,272 Shares of Cummins Inc. $CMI

Key Points

• Lansforsakringar Fondforvaltning AB publ cut its Cummins stake by 21.7% in the first quarter, selling 12,272 shares and leaving it with 44,254 shares worth about $23.8 million.
• Insider selling picked up recently, with CAO Nicole Lamb-Hale and VP Jennifer Mary Bush both selling shares; insiders have sold 13,579 shares worth about $9.38 million over the last three months.
• Operational and market updates remain solid: Cummins beat quarterly EPS and revenue estimates, declared a $2.00 quarterly dividend, and analysts’ average rating remains Moderate Buy with a $731.86 price target.

Lansforsakringar Fondforvaltning AB publ lowered its stake in Cummins Inc. (NYSE:CMI - Free Report) by 21.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,254 shares of the company's stock after selling 12,272 shares during the period. Lansforsakringar Fondforvaltning AB publ's holdings in Cummins were worth $23,809,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Cummins by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company's stock valued at $9,058,841,000 after purchasing an additional 98,544 shares in the last quarter. State Street Corp raised its holdings in shares of Cummins by 0.8% during the 4th quarter. State Street Corp now owns 6,509,852 shares of the company's stock worth $3,322,954,000 after acquiring an additional 49,628 shares in the last quarter. Geode Capital Management LLC lifted its position in Cummins by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company's stock valued at $1,822,534,000 after purchasing an additional 35,286 shares during the last quarter. Fisher Asset Management LLC grew its position in Cummins by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company's stock worth $1,741,004,000 after acquiring an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Nicole Lamb-Hale sold 2,408 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 13,579 shares of company stock worth $9,377,684. Corporate insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

CMI has been the subject of several analyst reports. Truist Financial set a $815.00 price objective on Cummins in a report on Wednesday, May 6th. Wall Street Zen cut Cummins from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 8th. Sanford C. Bernstein restated a "market perform" rating on shares of Cummins in a report on Friday, May 22nd. Raymond James Financial raised their target price on Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 26th. Finally, Wells Fargo & Company lifted their price target on shares of Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $731.86.

Cummins Stock Up 3.1%

CMI stock opened at $712.66 on Wednesday. The stock has a market capitalization of $98.34 billion, a P/E ratio of 36.98, a PEG ratio of 1.69 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a one year low of $325.00 and a one year high of $737.76. The company has a 50 day moving average price of $675.72 and a two-hundred day moving average price of $601.00.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company's revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.96 EPS. As a group, sell-side analysts expect that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins's payout ratio is currently 41.52%.

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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