KLP Kapitalforvaltning AS Acquires 1,600 Shares of Cummins Inc. $CMI

KLP Kapitalforvaltning AS lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 1.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 117,601 shares of the company’s stock after acquiring an additional 1,600 shares during the period. KLP Kapitalforvaltning AS’s holdings in Cummins were worth $49,671,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Brighton Jones LLC raised its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the period. State of Wyoming purchased a new position in Cummins in the first quarter valued at approximately $50,000. Integrated Wealth Concepts LLC grew its holdings in Cummins by 8.3% during the first quarter. Integrated Wealth Concepts LLC now owns 8,466 shares of the company’s stock valued at $2,654,000 after purchasing an additional 646 shares during the period. UniSuper Management Pty Ltd increased its position in Cummins by 6.4% in the first quarter. UniSuper Management Pty Ltd now owns 11,468 shares of the company’s stock worth $3,595,000 after buying an additional 694 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Cummins by 74.2% in the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock valued at $234,907,000 after buying an additional 319,277 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

CMI stock opened at $546.23 on Wednesday. The firm has a 50 day simple moving average of $492.16 and a two-hundred day simple moving average of $424.34. The stock has a market cap of $75.40 billion, a PE ratio of 28.35, a P/E/G ratio of 1.86 and a beta of 1.12. Cummins Inc. has a one year low of $260.02 and a one year high of $547.43. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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 firm had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $5.86 EPS. On average, analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Friday, November 21st. Cummins’s payout ratio is presently 41.52%.

Insider Activity

In related news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the transaction, the insider owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $6,170,352.60. Following the completion of the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 19,330 shares of company stock valued at $9,135,364. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CMI. Citigroup lifted their price objective on Cummins from $530.00 to $580.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 30th. Raymond James Financial upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price target on the stock in a research note on Monday, December 22nd. Barclays reaffirmed a “positive” rating on shares of Cummins in a report on Friday, December 19th. Finally, JPMorgan Chase & Co. increased their target price on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $492.75.

Cummins Company Profile

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.