Tredje AP fonden cut its stake in shares of Cummins Inc. (NYSE:CMI) by 21.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,931 shares of the company’s stock after selling 2,934 shares during the period. Tredje AP fonden’s holdings in Cummins were worth $1,479,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Ballast Advisors LLC acquired a new stake in Cummins during the first quarter worth approximately $28,000. Capital Square LLC acquired a new stake in Cummins during the first quarter worth approximately $30,000. Creative Financial Designs Inc. ADV acquired a new stake in Cummins during the first quarter worth approximately $32,000. Sonora Investment Management LLC lifted its position in Cummins by 87.4% during the first quarter. Sonora Investment Management LLC now owns 238 shares of the company’s stock worth $32,000 after acquiring an additional 111 shares during the last quarter. Finally, Advisory Alpha LLC lifted its position in Cummins by 864.5% during the fourth quarter. Advisory Alpha LLC now owns 299 shares of the company’s stock worth $52,000 after acquiring an additional 268 shares during the last quarter. Hedge funds and other institutional investors own 80.97% of the company’s stock.

Shares of NYSE CMI traded down $1.14 during midday trading on Friday, reaching $168.57. 13,127 shares of the company were exchanged, compared to its average volume of 1,421,649. The stock’s 50-day moving average price is $166.19 and its 200-day moving average price is $160.78. The stock has a market cap of $25.04 billion, a P/E ratio of 12.41, a PEG ratio of 2.30 and a beta of 1.14. Cummins Inc. has a one year low of $101.03 and a one year high of $186.73. The company has a quick ratio of 0.89, a current ratio of 1.40 and a debt-to-equity ratio of 0.20.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, April 28th. The company reported $3.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.18 by $1.00. The firm had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.87 billion. Cummins had a net margin of 9.34% and a return on equity of 24.86%. The company’s revenue was down 16.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.20 earnings per share. On average, equities research analysts anticipate that Cummins Inc. will post 7.76 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were paid a dividend of $1.311 per share. The ex-dividend date was Thursday, May 21st. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.11%. Cummins’s payout ratio is presently 34.82%.

A number of equities research analysts have recently weighed in on the stock. UBS Group lifted their price target on shares of Cummins from $167.00 to $168.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Wells Fargo & Co lifted their price target on shares of Cummins from $180.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Cowen reiterated a “hold” rating and issued a $171.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Cfra dropped their price target on shares of Cummins from $176.00 to $170.00 and set a “hold” rating for the company in a research report on Tuesday, April 28th. Finally, Bank of America lifted their price target on shares of Cummins from $145.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $169.81.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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