Oslo Pensjonsforsikring AS Makes New $501,000 Investment in Cummins Inc. $CMI

Oslo Pensjonsforsikring AS purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 931 shares of the company’s stock, valued at approximately $501,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMI. Vanguard Group Inc. lifted its position in shares of Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after purchasing an additional 98,544 shares in the last quarter. State Street Corp grew its position in Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after purchasing an additional 49,628 shares in the last quarter. Geode Capital Management LLC increased its stake in Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after buying an additional 35,286 shares during the last quarter. Fisher Asset Management LLC increased its stake in Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after buying an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent research reports. Robert W. Baird set a $700.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Argus upped their target price on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. UBS Group reissued a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. Finally, JPMorgan Chase & Co. raised their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus price target of $740.07.

Cummins Stock Performance

Shares of CMI stock opened at $659.94 on Wednesday. The stock has a market cap of $91.07 billion, a P/E ratio of 34.25, a P/E/G ratio of 1.56 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The company has a fifty day moving average price of $674.90 and a two-hundred day moving average price of $616.91. Cummins Inc. has a one year low of $344.02 and a one year high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. The company 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%. Cummins’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.96 EPS. As a group, equities analysts predict that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a $2.20 dividend. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio is currently 41.52%.

Insider Buying and Selling

In other news, VP Nathan R. Stoner sold 607 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the transaction, the vice president directly owned 9,447 shares in the company, valued at approximately $6,556,784.82. The trade was a 6.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 13,579 shares of company stock valued at $9,377,684. Insiders own 0.30% of the company’s stock.

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.