Nykredit A S Purchases New Stake in Cummins Inc. $CMI

Nykredit A S purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 66,452 shares of the company’s stock, valued at approximately $47,394,000.

Several other institutional investors also recently bought and sold shares of CMI. BlackRock Inc. acquired a new stake in shares of Cummins in the second quarter worth $8,204,241,000. State Street Corp lifted its holdings in shares of Cummins by 0.8% during the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after acquiring an additional 49,628 shares in the last quarter. Geode Capital Management LLC boosted its position in Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after purchasing an additional 35,286 shares during the period. Fisher Asset Management LLC increased its holdings 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 purchasing an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Wells Fargo & Company boosted their price objective on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Barclays increased their target price on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. boosted their price target on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Robert W. Baird set a $700.00 price target on Cummins in a report on Wednesday, May 6th. Finally, Argus increased their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $764.54.

Cummins Stock Performance

NYSE:CMI opened at $550.77 on Thursday. The firm has a 50-day moving average of $638.43 and a two-hundred day moving average of $627.33. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The stock has a market cap of $75.82 billion, a P/E ratio of 28.14, a PEG ratio of 1.49 and a beta of 1.23. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm’s revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $6.43 earnings per share. On average, research analysts expect that Cummins Inc. will post 30.06 earnings per share for the current fiscal 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 issued a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.6%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Insider Activity

In other Cummins news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

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.