Danske Bank A S Buys Shares of 132,744 Cummins Inc. $CMI

Key Points

• Danske Bank A/S acquired 132,744 Cummins shares worth approximately $94.7 million, giving it a 0.10% stake. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year and above estimates, but earnings of $6.73 per share fell short of the $7.21 consensus.
• The company raised its quarterly dividend from $2.00 to $2.20 per share, while analysts maintain a “Moderate Buy” consensus with an average price target of $745.64.

Danske Bank A S bought a new position in Cummins Inc. (NYSE:CMI - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 132,744 shares of the company's stock, valued at approximately $94,674,000. Danske Bank A S owned 0.10% of Cummins at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Activest Wealth Management raised its holdings in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after acquiring an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC grew its holdings in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after acquiring an additional 45 shares in the last quarter. Persistent Asset Partners Ltd purchased a new position in Cummins during the 2nd quarter valued at about $26,000. Wellington Shields Capital Management LLC purchased a new position in Cummins during the 4th quarter valued at about $27,000. Finally, Key Financial Inc raised its holdings in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after purchasing an additional 20 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Cummins Stock Down 3.2%

NYSE:CMI opened at $620.43 on Wednesday. The company's 50-day simple moving average is $664.02 and its 200-day simple moving average is $628.32. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The stock has a market capitalization of $85.41 billion, a P/E ratio of 31.70, a P/E/G ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 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 firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter last year, the firm earned $6.43 EPS. The company's revenue was up 9.4% compared to the same quarter last year. On average, equities analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company 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 an increase from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. Cummins's dividend payout ratio is presently 40.88%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Raymond James Financial upped their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 26th. Truist Financial set a $894.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Evercore restated an "outperform" rating and set a $845.00 target price on shares of Cummins in a report on Monday, May 11th. Robert W. Baird set a $700.00 target price on Cummins in a research report on Wednesday, May 6th. Finally, Zacks Research downgraded Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $745.64.

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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