KLP Kapitalforvaltning AS Buys Shares of 116,801 Cummins Inc. (NYSE:CMI)

KLP Kapitalforvaltning AS bought a new stake in Cummins Inc. (NYSE:CMI) during the 4th quarter, Holdings Channel reports. The firm bought 116,801 shares of the company’s stock, valued at approximately $40,717,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new position in Cummins in the 4th quarter valued at about $26,000. Compass Financial Services Inc acquired a new position in shares of Cummins in the 4th quarter worth approximately $27,000. TCTC Holdings LLC acquired a new position in shares of Cummins in the 4th quarter worth approximately $28,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Cummins in the 4th quarter worth approximately $30,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Down 1.1 %

Shares of NYSE:CMI opened at $321.78 on Friday. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The company’s 50 day moving average is $355.99 and its two-hundred day moving average is $347.12. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company has a market cap of $44.24 billion, a PE ratio of 11.42, a P/E/G ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the firm posted $4.14 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

Analyst Ratings Changes

Several brokerages have recently commented on CMI. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Citigroup decreased their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Barclays upped their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Friday, March 14th. Finally, UBS Group cut their target price on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research note on Tuesday. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $389.50.

Cummins Profile

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.