Cummins Inc. $CMI Stock Holdings Lowered by DNB Asset Management AS

DNB Asset Management AS lessened its position in Cummins Inc. (NYSE:CMI) by 12.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 62,720 shares of the company’s stock after selling 9,178 shares during the period. DNB Asset Management AS’s holdings in Cummins were worth $20,541,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James Financial Inc. boosted its position in shares of Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after buying an additional 817,384 shares during the period. Ontario Teachers Pension Plan Board raised its stake in Cummins by 5,158.9% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after acquiring an additional 427,670 shares in the last quarter. AQR Capital Management LLC boosted its position in Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after acquiring an additional 424,294 shares during the period. Nuveen LLC bought a new position in shares of Cummins in the first quarter worth $109,120,000. Finally, Vanguard Group Inc. grew its stake in shares of Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after purchasing an additional 344,680 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday. Truist Financial raised their price objective on shares of Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a research note on Friday, November 7th. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Ten research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $445.93.

Insider Transactions at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at $14,864,384.12. This trade represents a 29.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of 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 SEC filing for this sale provides additional information. Insiders sold a total of 34,960 shares of company stock worth $15,715,060 in the last three months. 0.41% of the stock is currently owned by company insiders.

Cummins Trading Up 1.5%

Shares of NYSE:CMI opened at $472.35 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The stock has a market capitalization of $65.20 billion, a price-to-earnings ratio of 22.21, 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 $484.84. The company has a 50 day moving average price of $434.70 and a 200 day moving average price of $380.85.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.86 EPS. On average, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.7%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Cummins 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.