BI Asset Management Fondsmaeglerselskab A S Sells 54,163 Shares of Cummins Inc. $CMI

BI Asset Management Fondsmaeglerselskab A S decreased its holdings in Cummins Inc. (NYSE:CMI) by 63.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 31,430 shares of the company’s stock after selling 54,163 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Cummins were worth $16,910,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Thompson Investment Management Inc. acquired a new position in Cummins in the fourth quarter worth about $26,000. Activest Wealth Management boosted its holdings in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC bought a new stake in shares of Cummins in the 4th quarter valued at approximately $27,000. Birchwood Financial Partners Inc. bought a new stake in shares of Cummins in the 4th quarter valued at approximately $28,000. Finally, Kemnay Advisory Services Inc. acquired a new position in shares of Cummins in the 4th quarter worth approximately $28,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 0.1%

Shares of CMI opened at $716.50 on Friday. The company has a market capitalization of $98.87 billion, a P/E ratio of 37.18, a PEG ratio of 1.75 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a one year low of $307.90 and a one year high of $737.76. The business’s 50 day simple moving average is $663.00 and its 200-day simple moving average is $590.68.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the company earned $5.96 EPS. Cummins’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 29.44 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the sale, the vice president owned 8,316 shares in the company, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the transaction, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock worth $9,377,684 over the last quarter. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. UBS Group reiterated a “buy” rating on shares of Cummins in a research note on Wednesday. JPMorgan Chase & Co. lifted their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Morgan Stanley boosted their target price on shares of Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $731.86.

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.