DNB Asset Management AS Has $20.54 Million Position in Cummins Inc. $CMI

by · The Cerbat Gem

DNB Asset Management AS lessened its stake in Cummins Inc. (NYSE:CMI – Free Report) by 12.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 62,720 shares of the company’s stock after selling 9,178 shares during the quarter. DNB Asset Management AS’s holdings in Cummins were worth $20,541,000 at the end of the most recent reporting period.

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

Insider Activity at Cummins

In other news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s 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 owned 42,880 shares in the company, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 34,960 shares of company stock valued at $15,715,060 over the last three months. 0.41% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Sanford C. Bernstein restated a “market perform” rating and issued a $475.00 price objective on shares of Cummins in a report on Friday, November 7th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Finally, Barclays raised their target price on Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a report on Tuesday, November 11th. Ten analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $445.93.

View Our Latest Stock Analysis on Cummins

Cummins Stock Up 1.5%

CMI stock opened at $472.35 on Friday. The stock has a market capitalization of $65.20 billion, a price-to-earnings ratio of 22.21, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. The company has a 50-day moving average of $434.70 and a two-hundred day moving average of $380.85. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $484.84. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

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

Cummins Announces Dividend

The firm 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 1.7%. Cummins’s payout ratio is 41.52%.

Cummins Company Profile

(Free Report)

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.

See Also

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