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

KLP Kapitalforvaltning AS purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 116,801 shares of the company's stock, valued at approximately $40,717,000. KLP Kapitalforvaltning AS owned about 0.09% of Cummins as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in shares of Cummins in the 4th quarter worth about $187,082,000. Proficio Capital Partners LLC bought a new stake in Cummins in the fourth quarter worth approximately $71,279,000. Amundi lifted its stake in Cummins by 32.3% in the fourth quarter. Amundi now owns 771,038 shares of the company's stock valued at $277,381,000 after buying an additional 188,254 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after buying an additional 165,398 shares in the last quarter. Finally, State Street Corp grew its position in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company's stock worth $2,039,894,000 after buying an additional 126,703 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Citigroup cut their target price on shares of Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a research note on Tuesday, January 14th. Robert W. Baird upped their price target on Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 5th. StockNews.com downgraded Cummins from a "buy" rating to a "hold" rating in a report on Tuesday. UBS Group cut their target price on Cummins from $432.00 to $400.00 and set a "buy" rating on the stock in a report on Tuesday, March 18th. Finally, Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and lifted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $389.50.

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Cummins Stock Down 0.8 %

NYSE:CMI traded down $2.79 on Wednesday, hitting $328.08. The stock had a trading volume of 562,157 shares, compared to its average volume of 760,904. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The firm's fifty day simple moving average is $354.72 and its two-hundred day simple moving average is $348.24. The stock has a market cap of $45.11 billion, a P/E ratio of 11.65, a price-to-earnings-growth 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 (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the company posted $4.14 earnings per share. Cummins's quarterly revenue was down 1.1% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.22%. Cummins's dividend payout ratio (DPR) is presently 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.