Cummins Inc. $CMI Shares Sold by DNB Asset Management AS

Key Points

• DNB Asset Management AS cut its Cummins stake by 37.7% in the fourth quarter, selling 24,293 shares and leaving it with 40,086 shares valued at about $20.5 million.
• Several insiders sold shares recently, including CAO Nicole Lamb-Hale and VP Amy Rochelle Davis; insiders have sold 22,397 shares worth $14.5 million over the past three months.
• Cummins reported better-than-expected earnings for the latest quarter, with EPS of $6.15 versus the $5.63 estimate, while revenue rose 2.7% year over year to $8.40 billion.

DNB Asset Management AS lessened its stake in Cummins Inc. (NYSE:CMI - Free Report) by 37.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,086 shares of the company's stock after selling 24,293 shares during the period. DNB Asset Management AS's holdings in Cummins were worth $20,462,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of CMI. Thompson Investment Management Inc. acquired a new stake in shares of Cummins during the fourth quarter worth about $26,000. Activest Wealth Management boosted its stake in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock worth $26,000 after buying an additional 43 shares during the period. Flagship Wealth Advisors LLC purchased a new position in Cummins during the third quarter worth about $28,000. Ares Financial Consulting LLC purchased a new position in Cummins during the fourth quarter worth about $29,000. Finally, Osterweis Capital Management Inc. purchased a new position in Cummins during the second quarter worth about $31,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Robert W. Baird set a $700.00 price target on shares of Cummins in a report on Wednesday, May 6th. Truist Financial set a $815.00 target price on shares of Cummins in a research report on Wednesday, May 6th. Sanford C. Bernstein set a $600.00 price target on shares of Cummins and gave the stock a "market perform" rating in a research note on Friday, February 6th. Wall Street Zen cut shares of Cummins from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 8th. Finally, Argus set a $696.00 price objective on shares of Cummins in a report on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $677.87.

Insider Buying and Selling at Cummins

In related news, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 4,054 shares of Cummins stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the transaction, the vice president owned 15,807 shares in the company, valued at $8,873,101.38. The trade was a 20.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 22,397 shares of company stock worth $14,465,833. Corporate insiders own 0.30% of the company's stock.

Cummins Trading Down 2.5%

Shares of CMI opened at $698.36 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a 50 day simple moving average of $601.51 and a 200-day simple moving average of $554.63. Cummins Inc. has a 1-year low of $307.90 and a 1-year high of $718.08. The stock has a market cap of $96.37 billion, a price-to-earnings ratio of 36.24, a price-to-earnings-growth ratio of 1.76 and a beta of 1.27.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. Cummins's revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the company earned $5.96 EPS. Equities analysts forecast that Cummins Inc. will post 28.39 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. Cummins's payout ratio is presently 41.52%.

Cummins 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.

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