Cummins Inc. (NYSE:CMI) Shares Sold by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S trimmed its position in Cummins Inc. (NYSE:CMI - Free Report) by 13.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,742 shares of the company's stock after selling 1,876 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Cummins were worth $4,093,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Advisory Resource Group grew its stake in Cummins by 1.0% during the third quarter. Advisory Resource Group now owns 15,328 shares of the company's stock valued at $4,963,000 after acquiring an additional 155 shares in the last quarter. SkyView Investment Advisors LLC lifted its holdings in shares of Cummins by 3.9% in the 3rd quarter. SkyView Investment Advisors LLC now owns 5,334 shares of the company's stock worth $1,727,000 after acquiring an additional 202 shares during the last quarter. Stock Yards Bank & Trust Co. lifted its stake in Cummins by 1.8% in the third quarter. Stock Yards Bank & Trust Co. now owns 5,089 shares of the company's stock worth $1,648,000 after purchasing an additional 88 shares during the last quarter. Pine Valley Investments Ltd Liability Co purchased a new position in Cummins during the 3rd quarter valued at $209,000. Finally, Wilmington Savings Fund Society FSB boosted its stake in shares of Cummins by 18.9% during the third quarter. Wilmington Savings Fund Society FSB now owns 4,990 shares of the company's stock valued at $1,616,000 after purchasing an additional 794 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on CMI shares. Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and boosted their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Robert W. Baird decreased their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Evercore ISI lifted their price objective on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. Finally, UBS Group lowered Cummins from a "buy" rating to a "sell" rating and dropped their target price for the company from $400.00 to $240.00 in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $346.00.

Cummins Price Performance

Shares of CMI stock traded down $0.40 during trading hours on Friday, hitting $293.56. 576,426 shares of the company's stock were exchanged, compared to its average volume of 805,761. The firm has a 50 day moving average of $318.12 and a two-hundred day moving average of $343.74. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The firm has a market cap of $40.44 billion, a P/E ratio of 10.42, a P/E/G ratio of 2.19 and a beta of 1.07. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. During the same period in the previous year, the firm posted $4.14 EPS. Cummins's revenue was down 1.1% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.48%. Cummins's payout ratio is 25.84%.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.