KLP Kapitalforvaltning AS Sells 6,100 Shares of Cummins Inc. $CMI

KLP Kapitalforvaltning AS lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 5.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 111,501 shares of the company’s stock after selling 6,100 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Cummins were worth $56,916,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in Cummins by 8.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after acquiring an additional 2,417 shares during the period. New York State Teachers Retirement System increased its position in shares of Cummins by 2.1% during the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after purchasing an additional 2,305 shares during the last quarter. Bailard Inc. increased its position in shares of Cummins by 7.2% during the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after purchasing an additional 4,035 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares during the last quarter. Finally, Accredited Wealth Management LLC increased its position in shares of Cummins by 3,100.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after purchasing an additional 3,100 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In related news, VP Earl Newsome sold 1,300 shares of the stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the sale, the vice president directly owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. This represents a 27.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William I. Miller sold 18,107 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company’s stock, valued at $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 31,195 shares of company stock worth $18,397,489 in the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Cummins Trading Up 0.3%

Cummins stock opened at $638.75 on Wednesday. The firm has a 50 day moving average of $573.03 and a 200 day moving average of $526.56. The firm has a market capitalization of $88.25 billion, a price-to-earnings ratio of 31.13, a P/E/G ratio of 2.01 and a beta of 1.14. Cummins Inc. has a 12-month low of $273.97 and a 12-month high of $647.00. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.16 EPS. As a group, research analysts predict that Cummins Inc. will post 26.03 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio is currently 38.99%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CMI shares. Citigroup upped their price target on shares of Cummins from $630.00 to $710.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 price target on shares of Cummins in a research report on Friday, February 6th. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target for the company. in a research report on Monday, January 26th. UBS Group set a $565.00 price target on shares of Cummins and gave the company a “neutral” rating in a research report on Friday, February 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Eleven research analysts have rated the stock with a Buy rating and six 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 price target of $600.27.

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.