Nykredit A S Buys Shares of 66,452 Cummins Inc. $CMI

Nykredit A S purchased a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 66,452 shares of the company’s stock, valued at approximately $47,394,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Cummins in the second quarter worth $8,204,241,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Bank of America Corp DE purchased a new stake in Cummins during the 2nd quarter worth about $1,408,353,000. Norges Bank acquired a new position in Cummins in the 4th quarter valued at about $863,441,000. Finally, Bank of New York Mellon Corp acquired a new position in Cummins in the 2nd quarter valued at about $973,198,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Cummins Trading Down 0.1%

NYSE CMI opened at $550.77 on Thursday. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The company has a 50-day moving average of $638.43 and a 200-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 company has a market cap of $75.82 billion, a P/E ratio of 28.14, a P/E/G ratio of 1.49 and a beta of 1.23.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same period in the prior year, the business posted $6.43 earnings per share. Cummins’s revenue was up 9.4% on a year-over-year basis. As a group, equities analysts predict that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s dividend payout ratio (DPR) is 44.97%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CMI shares. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $700.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Robert W. Baird set a $700.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Barclays lifted their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Wells Fargo & Company boosted their price target on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $764.54.

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.