Nordea Investment Management AB Sells 48,751 Shares of Cummins Inc. (NYSE:CMI)

Nordea Investment Management AB cut its holdings in Cummins Inc. (NYSE:CMI) by 5.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 796,229 shares of the company’s stock after selling 48,751 shares during the quarter. Nordea Investment Management AB owned approximately 0.58% of Cummins worth $278,688,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC increased its position in shares of Cummins by 31.1% during the fourth quarter. GAMMA Investing LLC now owns 3,109 shares of the company’s stock worth $1,084,000 after purchasing an additional 737 shares in the last quarter. Versant Capital Management Inc increased its position in Cummins by 53.1% during the 4th quarter. Versant Capital Management Inc now owns 476 shares of the company’s stock valued at $166,000 after buying an additional 165 shares in the last quarter. Old Port Advisors purchased a new stake in Cummins in the fourth quarter valued at about $215,000. Lord Abbett & CO. LLC boosted its holdings in Cummins by 24.6% in the third quarter. Lord Abbett & CO. LLC now owns 338,961 shares of the company’s stock worth $109,752,000 after acquiring an additional 66,885 shares in the last quarter. Finally, 1ST Source Bank grew its stake in shares of Cummins by 5.3% during the third quarter. 1ST Source Bank now owns 1,844 shares of the company’s stock worth $597,000 after acquiring an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.9 %

CMI stock opened at $354.35 on Monday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52-week low of $226.52 and a 52-week high of $387.90. The company’s 50-day simple moving average is $359.17 and its 200-day simple moving average is $322.30. The firm has a market cap of $48.61 billion, a P/E ratio of 23.40, a PEG ratio of 1.80 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the company earned $4.73 earnings per share. As a group, equities analysts forecast that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Friday, November 22nd. Cummins’s dividend payout ratio is presently 48.08%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Citigroup boosted their price objective on shares of Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a report on Monday, December 9th. Jefferies Financial Group raised their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Robert W. Baird raised their price objective on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and an average target price of $356.92.

About Cummins

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.