Cummins Inc. $CMI Shares Sold by DNB Asset Management AS

DNB Asset Management AS reduced its stake in Cummins Inc. (NYSE:CMI) by 37.7% in the fourth quarter, HoldingsChannel reports. The fund owned 40,086 shares of the company’s stock after selling 24,293 shares during the quarter. DNB Asset Management AS’s holdings in Cummins were worth $20,462,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Thompson Investment Management Inc. acquired a new stake in shares of Cummins in the 4th quarter worth approximately $26,000. Activest Wealth Management lifted its stake in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the period. Ares Financial Consulting LLC acquired a new stake in shares of Cummins in the 4th quarter worth approximately $29,000. Holos Integrated Wealth LLC acquired a new stake in shares of Cummins in the 4th quarter worth approximately $32,000. Finally, Palouse Capital Management Inc. acquired a new stake in shares of Cummins in the 4th quarter worth approximately $33,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the transaction, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Bonnie J. Fetch sold 652 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the transaction, the executive vice president owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. This represents a 5.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 22,397 shares of company stock worth $14,465,833 in the last quarter. 0.30% of the stock is owned by corporate insiders.

Cummins Stock Down 2.5%

Cummins stock opened at $698.36 on Friday. The firm has a market cap of $96.37 billion, a PE ratio of 36.24, a P/E/G ratio of 1.76 and a beta of 1.27. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The firm’s 50 day moving average price is $601.51 and its two-hundred day moving average price is $554.63. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.96 EPS. On average, research analysts predict that Cummins Inc. will post 28.39 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, May 22nd. Cummins’s dividend payout ratio is currently 41.52%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Truist Financial set a $815.00 target price on shares of Cummins in a research note on Wednesday, May 6th. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the company a “market perform” rating in a research note on Friday, February 6th. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Wells Fargo & Company increased their target price on shares of Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, UBS Group set a $565.00 target price on shares of Cummins and gave the company a “neutral” rating in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $677.87.

About Cummins

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.