PensionDanmark Pensionsforsikringsaktieselskab Has $24.29 Million Stock Holdings in Cummins Inc. $CMI

PensionDanmark Pensionsforsikringsaktieselskab lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 8.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 34,062 shares of the company’s stock after acquiring an additional 2,700 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab’s holdings in Cummins were worth $24,293,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Assenagon Asset Management S.A. increased its position in Cummins by 243.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 42,407 shares of the company’s stock worth $30,245,000 after buying an additional 30,074 shares during the period. Apella Capital LLC lifted its holdings in shares of Cummins by 2.6% during the 2nd quarter. Apella Capital LLC now owns 1,426 shares of the company’s stock worth $941,000 after acquiring an additional 36 shares during the period. 55 North Private Wealth LLC lifted its holdings in shares of Cummins by 22.6% during the 2nd quarter. 55 North Private Wealth LLC now owns 505 shares of the company’s stock worth $360,000 after acquiring an additional 93 shares during the period. 180 Wealth Advisors LLC acquired a new stake in shares of Cummins during the 2nd quarter valued at about $227,000. Finally, Foster Group Inc. bought a new stake in Cummins in the second quarter valued at about $276,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Bonnie J. Fetch sold 652 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $700.19, for a total value of $456,523.88. Following the completion of the transaction, the executive vice president directly owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,690 shares of company stock worth $5,360,654 in the last quarter. 0.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CMI shares. UBS Group decreased their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a report on Wednesday. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Evercore restated an “outperform” rating and set a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Argus boosted their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Finally, Robert W. Baird set a $700.00 price target on Cummins in a research report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Cummins Trading Down 1.0%

NYSE CMI opened at $643.44 on Friday. Cummins Inc. has a 12 month low of $379.41 and a 12 month high of $737.76. The stock has a 50-day simple moving average of $668.87 and a 200 day simple moving average of $625.03. The company has a current ratio of 1.73, a quick ratio of 1.11 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $88.58 billion, a PE ratio of 32.88, a P/E/G ratio of 1.58 and a beta of 1.24.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period in the prior year, the business earned $6.43 EPS. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. Research analysts forecast that Cummins Inc. will post 29.53 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 41.52%.

Cummins Company 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.