KLP Kapitalforvaltning AS Has $56.92 Million Stock Holdings in Cummins Inc. $CMI

Key Points

• KLP Kapitalforvaltning AS trimmed its position in Cummins by 5.2% to 111,501 shares, leaving it with about $56.92 million in the stock.
• Wall Street sentiment is broadly positive — several firms raised targets (Wells Fargo to $693, Truist to $730) and MarketBeat shows a consensus of Moderate Buy with a $600.27 target.
• Insiders sold a total of 31,195 shares worth roughly $18.4 million over the last quarter (including sales by two vice presidents), and insiders now own about 0.30% of the company.

KLP Kapitalforvaltning AS decreased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 5.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 111,501 shares of the company's stock after selling 6,100 shares during the period. KLP Kapitalforvaltning AS owned approximately 0.08% of Cummins worth $56,916,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Thompson Investment Management Inc. purchased a new stake in shares of Cummins in the fourth quarter valued at about $26,000. Flagship Wealth Advisors LLC bought a new position in Cummins during the third quarter worth about $28,000. Osterweis Capital Management Inc. bought a new position in Cummins during the second quarter worth about $31,000. Holos Integrated Wealth LLC bought a new position in Cummins during the fourth quarter worth about $32,000. Finally, Palouse Capital Management Inc. bought a new position in Cummins during the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CMI. Wells Fargo & Company raised their price objective on shares of Cummins from $630.00 to $693.00 and gave the company an "overweight" rating in a research report on Monday, April 13th. 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 downgraded shares of Cummins from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 8th. Wolfe Research downgraded shares of Cummins from an "outperform" rating to a "peer perform" rating and set a $540.00 target price on the stock. in a research note on Monday, January 26th. Finally, Truist Financial lifted their target price on shares of Cummins from $703.00 to $730.00 and gave the stock a "buy" rating in a research note on Monday. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $600.27.

Insider Buying and Selling

In related news, VP Donald G. Jackson sold 1,600 shares of the company's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the transaction, the vice president owned 7,214 shares in the company, valued at $4,329,337.82. The trade was a 18.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the company's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the transaction, the vice president owned 15,807 shares in the company, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 31,195 shares of company stock worth $18,397,489 over the last quarter. 0.30% of the stock is owned by insiders.

Cummins Stock Performance

Shares of CMI stock opened at $638.75 on Wednesday. Cummins Inc. has a 12 month low of $273.97 and a 12 month high of $647.00. The stock has a market cap of $88.25 billion, a PE ratio of 31.13, a price-to-earnings-growth ratio of 2.01 and a beta of 1.14. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The company's fifty day moving average price is $573.03 and its 200-day moving average price is $526.56.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts' consensus estimates of $5.17 by $0.64. The firm had revenue of $8.54 billion for the quarter, compared to analysts' expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.16 EPS. On average, equities analysts expect that Cummins Inc. will post 26.03 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. Cummins's payout ratio is presently 38.99%.

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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