Nordea Investment Management AB Sells 347,351 Shares of Cummins Inc. $CMI

Nordea Investment Management AB lessened its stake in Cummins Inc. (NYSE:CMI) by 56.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 268,190 shares of the company’s stock after selling 347,351 shares during the quarter. Nordea Investment Management AB’s holdings in Cummins were worth $112,272,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after purchasing an additional 344,680 shares during the period. State Street Corp boosted its position in shares of Cummins by 1.4% during the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after buying an additional 92,073 shares during the period. Geode Capital Management LLC grew its holdings in shares of Cummins by 1.3% during the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after buying an additional 43,720 shares in the last quarter. Fisher Asset Management LLC raised its position in Cummins by 4.5% in the 2nd quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock valued at $1,072,578,000 after buying an additional 142,058 shares during the last quarter. Finally, Norges Bank acquired a new stake in Cummins in the 2nd quarter valued at approximately $505,941,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In related news, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 19,330 shares of company stock worth $9,135,364. 0.41% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CMI. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Barclays restated a “positive” rating on shares of Cummins in a report on Friday, December 19th. Raymond James Financial upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price target on the stock in a research note on Monday, December 22nd. Citigroup increased their price objective on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average price target of $505.07.

Cummins Stock Up 0.9%

Shares of CMI stock opened at $566.99 on Wednesday. The firm’s 50-day moving average is $503.79 and its 200-day moving average is $432.47. The stock has a market cap of $78.27 billion, a price-to-earnings ratio of 29.42, a PEG ratio of 1.97 and a beta of 1.12. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $569.68.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The business’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the firm posted $5.86 earnings per share. Sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

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.