Norges Bank Makes New Investment in Cummins Inc. (NYSE:CMI)

Norges Bank acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,432,847 shares of the company’s stock, valued at approximately $499,490,000. Norges Bank owned 1.04% of Cummins as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Global Trust Asset Management LLC increased its stake in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the period. BankPlus Trust Department acquired a new stake in shares of Cummins during the fourth quarter valued at about $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins during the fourth quarter worth about $27,000. TCTC Holdings LLC acquired a new position in shares of Cummins in the fourth quarter worth about $28,000. Finally, SBI Securities Co. Ltd. purchased a new position in Cummins in the fourth quarter valued at about $30,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Evercore ISI upped their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. UBS Group decreased their price objective on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Truist Financial increased their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Robert W. Baird lifted their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $389.50.

Cummins Stock Performance

CMI stock opened at $313.45 on Friday. The stock’s fifty day moving average is $352.17 and its two-hundred day moving average is $348.05. The stock has a market capitalization of $43.09 billion, a price-to-earnings ratio of 11.13, a PEG ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (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 firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the previous year, the business posted $4.14 EPS. Cummins’s revenue was down 1.1% on a year-over-year basis. On average, research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is 25.84%.

Cummins Company 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.