Norges Bank Takes Position in Cummins Inc. $CMI

Norges Bank bought a new position in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,544,857 shares of the company’s stock, valued at approximately $505,941,000. Norges Bank owned about 1.12% of Cummins at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CMI. Brighton Jones LLC increased its stake in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the period. GSA Capital Partners LLP bought a new stake in Cummins in the first quarter valued at $575,000. Mesirow Financial Investment Management Inc. increased its position in Cummins by 19.3% during the 1st quarter. Mesirow Financial Investment Management Inc. now owns 691 shares of the company’s stock valued at $217,000 after purchasing an additional 112 shares during the period. NorthRock Partners LLC increased its position in Cummins by 22.6% during the 1st quarter. NorthRock Partners LLC now owns 961 shares of the company’s stock valued at $301,000 after purchasing an additional 177 shares during the period. Finally, Sound View Wealth Advisors Group LLC raised its holdings in Cummins by 5.5% in the 1st quarter. Sound View Wealth Advisors Group LLC now owns 1,077 shares of the company’s stock worth $338,000 after purchasing an additional 56 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value 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. This trade represents a 29.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the sale, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 36,410 shares of company stock valued at $16,424,574 over the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $497.08 on Friday. The business has a fifty day moving average price of $442.27 and a 200-day moving average price of $387.67. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The company has a market capitalization of $68.61 billion, a PE ratio of 23.37, a PEG ratio of 2.05 and a beta of 1.07. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $500.17.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The company had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.86 EPS. As a group, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s dividend payout ratio is presently 41.52%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CMI shares. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research note on Wednesday, September 3rd. Argus raised their price objective on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a report on Tuesday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a report on Monday, November 24th. Barclays increased their target price on Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 11th. Finally, UBS Group upgraded Cummins from a “sell” rating to a “neutral” rating in a research report on Tuesday. Twelve equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $476.75.

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.