Handelsbanken Fonder AB Has $1.42 Million Holdings in Cummins Inc. (NYSE:CMI)

Handelsbanken Fonder AB raised its position in Cummins Inc. (NYSE:CMI) by 6.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,067 shares of the company’s stock after purchasing an additional 252 shares during the quarter. Handelsbanken Fonder AB’s holdings in Cummins were worth $1,418,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CMI. Ieq Capital LLC grew its stake in shares of Cummins by 37.4% during the 4th quarter. Ieq Capital LLC now owns 12,150 shares of the company’s stock worth $4,235,000 after acquiring an additional 3,310 shares in the last quarter. Vista Capital Partners Inc. bought a new position in Cummins in the fourth quarter valued at $433,000. Global Retirement Partners LLC increased its stake in Cummins by 81.5% in the 4th quarter. Global Retirement Partners LLC now owns 5,613 shares of the company’s stock valued at $1,957,000 after buying an additional 2,520 shares during the last quarter. Bank of Jackson Hole Trust bought a new stake in Cummins during the 4th quarter worth about $975,000. Finally, Mcdonald Partners LLC acquired a new position in shares of Cummins during the 4th quarter worth about $617,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Shares of NYSE CMI opened at $367.04 on Thursday. The firm has a market cap of $50.46 billion, a P/E ratio of 13.03, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. The business’s 50 day moving average is $361.70 and its 200-day moving average is $343.49. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 1-year low of $260.88 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter last year, the firm earned $4.14 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.98%. Cummins’s payout ratio is presently 25.84%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Citigroup reduced their price target on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $355.00 to $420.00 in a report on Monday, December 9th. StockNews.com cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Finally, Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $386.67.

Cummins Company Profile

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.