Norges Bank Invests $499.49 Million in Cummins Inc. (NYSE:CMI)

Norges Bank purchased a new position in Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,432,847 shares of the company's stock, valued at approximately $499,490,000. Norges Bank owned 1.04% of Cummins at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Global Trust Asset Management LLC increased its stake in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after acquiring an additional 28 shares during the period. BankPlus Trust Department purchased a new stake in Cummins in the fourth quarter valued at $26,000. Compass Financial Services Inc acquired a new stake in Cummins during the 4th quarter worth about $27,000. TCTC Holdings LLC purchased a new position in shares of Cummins during the 4th quarter valued at about $28,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Cummins in the 4th quarter valued at about $30,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CMI. Jefferies Financial Group lifted their price target on Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Evercore ISI lifted their target price on shares of Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. Citigroup decreased their target price on shares of Cummins from $430.00 to $360.00 and set a "buy" rating for the company in a research note on Monday. Truist Financial lifted their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a "hold" rating in a report on Thursday, January 16th. Finally, 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 research report on Tuesday, January 14th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $383.67.

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Cummins Price Performance

CMI traded down $0.91 on Monday, hitting $313.11. 1,239,158 shares of the company's stock were exchanged, compared to its average volume of 805,026. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The stock has a market cap of $43.05 billion, a price-to-earnings ratio of 11.11, a P/E/G ratio of 2.19 and a beta of 1.01. The firm has a 50-day moving average price of $352.17 and a 200-day moving average price of $348.80. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins's quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the business posted $4.14 earnings per share. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.33%. Cummins's dividend payout ratio (DPR) is presently 25.84%.

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.