KLP Kapitalforvaltning AS Trims Position in Cummins Inc. (NYSE:CMI)

KLP Kapitalforvaltning AS trimmed its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 2.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,301 shares of the company's stock after selling 2,500 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.08% of Cummins worth $35,827,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Bank Julius Baer & Co. Ltd Zurich lifted its stake in Cummins by 29.5% in the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,612 shares of the company's stock worth $505,000 after purchasing an additional 367 shares in the last quarter. Y Intercept Hong Kong Ltd raised its position in shares of Cummins by 186.5% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 20,816 shares of the company's stock valued at $6,525,000 after buying an additional 13,551 shares during the period. Choreo LLC increased its holdings in Cummins by 29.2% in the 1st quarter. Choreo LLC now owns 13,265 shares of the company's stock valued at $4,158,000 after purchasing an additional 2,997 shares during the last quarter. PFG Advisors increased its holdings in Cummins by 36.3% in the 1st quarter. PFG Advisors now owns 6,540 shares of the company's stock valued at $2,050,000 after purchasing an additional 1,743 shares during the last quarter. Finally, HighPoint Advisor Group LLC increased its holdings in Cummins by 6.5% in the 1st quarter. HighPoint Advisor Group LLC now owns 4,000 shares of the company's stock valued at $1,173,000 after purchasing an additional 245 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of several research reports. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and lifted their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Barclays boosted their price target on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Citigroup restated a "buy" rating and issued a $360.00 price target (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Morgan Stanley boosted their price target on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Finally, Robert W. Baird boosted their price target on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of "Hold" and a consensus target price of $361.92.

Cummins Stock Up 1.1%

Shares of Cummins stock traded up $4.01 during trading on Friday, hitting $369.28. 697,921 shares of the stock were exchanged, compared to its average volume of 893,558. The stock has a market cap of $50.87 billion, a price-to-earnings ratio of 18.37, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03. The firm's 50-day moving average price is $330.38 and its 200 day moving average price is $330.89. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same period in the previous year, the company earned $5.08 EPS. The company's revenue for the quarter was down 2.7% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This is a boost from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 2.17%. Cummins's payout ratio is 36.22%.

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.