DnB Asset Management AS Lowers Stock Position in Cummins Inc. (NYSE:CMI)

DnB Asset Management AS trimmed its position in Cummins Inc. (NYSE:CMI) by 5.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,664 shares of the company’s stock after selling 4,017 shares during the quarter. DnB Asset Management AS owned about 0.05% of Cummins worth $24,982,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC increased its stake in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares in the last quarter. BankPlus Trust Department bought a new position in Cummins in the 4th quarter worth $26,000. Compass Financial Services Inc bought a new stake in Cummins during the fourth quarter valued at about $27,000. TCTC Holdings LLC bought a new stake in Cummins during the fourth quarter valued at about $28,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Cummins in the fourth quarter worth about $30,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $313.45 on Friday. The stock has a market cap of $43.09 billion, a price-to-earnings ratio of 11.13, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a 50 day moving average price of $352.17 and a 200-day moving average price of $348.05. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.14 earnings per share. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

Analysts Set New Price Targets

A number of research firms recently commented on CMI. Barclays boosted their price target on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Citigroup dropped their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. JPMorgan Chase & Co. reduced their price target on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Robert W. Baird lifted their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $389.50.

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.