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

Nordea Investment Management AB trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 56.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 268,190 shares of the company’s stock after selling 347,351 shares during the period. Nordea Investment Management AB owned approximately 0.19% of Cummins worth $112,272,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CMI. Salomon & Ludwin LLC raised its position in Cummins by 1,333.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after purchasing an additional 80 shares during the last quarter. Tripletail Wealth Management LLC acquired a new stake in shares of Cummins in the 3rd quarter valued at $39,000. Osterweis Capital Management Inc. acquired a new stake in shares of Cummins in the 2nd quarter valued at $31,000. SJS Investment Consulting Inc. raised its position in shares of Cummins by 1,414.3% during the third quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock worth $45,000 after acquiring an additional 99 shares during the last quarter. Finally, Financial Consulate Inc. acquired a new position in shares of Cummins during the third quarter valued at $45,000. 83.46% of the stock is owned by institutional investors.

Insider Activity at Cummins

In related news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction 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 approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 19,330 shares of company stock worth $9,135,364 in the last quarter. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Performance

Shares of NYSE:CMI opened at $566.99 on Wednesday. The firm’s 50 day simple moving average is $503.79 and its 200 day simple moving average is $432.47. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $569.68. The company has a market capitalization of $78.27 billion, a price-to-earnings ratio of 29.42, a P/E/G ratio of 1.97 and a beta of 1.12. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11.

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Argus lifted their price objective on Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. Raymond James Financial raised shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 target price on the stock in a research note on Monday, December 22nd. Citigroup lifted their price target on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Finally, Wells Fargo & Company initiated coverage on shares of Cummins in a research note on Thursday, November 13th. They issued an “overweight” rating and a $599.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $505.07.

Cummins Profile

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.