Nordea Investment Management AB Acquires 278,350 Shares of Cummins Inc. $CMI

Nordea Investment Management AB increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 103.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 546,540 shares of the company’s stock after purchasing an additional 278,350 shares during the period. Nordea Investment Management AB owned approximately 0.40% of Cummins worth $280,397,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Flagship Wealth Advisors LLC acquired a new stake in Cummins during the 3rd quarter worth approximately $28,000. Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the second quarter valued at approximately $31,000. Holos Integrated Wealth LLC bought a new stake in shares of Cummins during the fourth quarter worth $32,000. Guerra Advisors Inc bought a new stake in shares of Cummins during the third quarter worth $36,000. Finally, Salomon & Ludwin LLC raised its holdings in shares of Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after acquiring an additional 80 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Down 1.4%

Cummins stock opened at $532.73 on Friday. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98. The company has a fifty day simple moving average of $573.85 and a 200 day simple moving average of $500.87. The company has a market cap of $73.60 billion, a P/E ratio of 25.96, a price-to-earnings-growth ratio of 1.69 and a beta of 1.12.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same period in the previous year, the firm posted $5.16 EPS. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio is presently 38.99%.

Insider Buying and Selling at Cummins

In related news, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the transaction, the vice president directly owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This represents a 20.41% 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 William I. Miller sold 18,107 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the transaction, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. This trade represents a 34.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,195 shares of company stock valued at $18,397,489 in the last ninety days. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CMI shares. Truist Financial reaffirmed a “buy” rating and issued a $703.00 target price (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. Sanford C. Bernstein set a $600.00 price target on Cummins and gave the company a “market perform” rating in a research note on Friday, February 6th. Robert W. Baird set a $580.00 price objective on Cummins in a research report on Friday, February 6th. Citigroup increased their price objective on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Finally, Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

About Cummins

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.