Danske Bank A S Buys New Shares in Cummins Inc. $CMI

Danske Bank A S bought a new position in Cummins Inc. (NYSE:CMI) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 161,860 shares of the company’s stock, valued at approximately $68,365,000. Danske Bank A S owned 0.12% of Cummins as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CMI. Flagship Wealth Advisors LLC purchased a new position in shares of Cummins in the third quarter worth about $28,000. Osterweis Capital Management Inc. bought a new stake in shares of Cummins in the 2nd quarter valued at about $31,000. Guerra Advisors Inc purchased a new stake in Cummins during the 3rd quarter valued at about $36,000. Salomon & Ludwin LLC grew its position in Cummins by 1,333.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after acquiring an additional 80 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in Cummins during the 3rd quarter worth approximately $37,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 0.1%

Shares of NYSE CMI opened at $542.66 on Thursday. The firm has a fifty day simple moving average of $574.37 and a two-hundred day simple moving average of $498.92. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $74.97 billion, a PE ratio of 26.45, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same quarter in the previous year, the company earned $5.16 earnings per share. Cummins’s quarterly revenue was up 1.1% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post 22.54 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. Stockholders of record on Friday, February 20th were paid 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, February 20th. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Insider Activity at Cummins

In other news, VP Amy Rochelle Davis sold 4,054 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the sale, the vice president directly owned 15,807 shares of the company’s stock, valued at $8,873,101.38. This represents a 20.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of Cummins stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the transaction, the vice president directly owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This trade represents a 18.15% 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 valued at $18,397,489 over the last ninety days. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the company a “market perform” rating in a research report on Friday, February 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. 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 report on Monday, January 26th. Raymond James Financial raised their price target on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a report on Monday, February 9th. Finally, Wall Street Zen downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

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.