KLP Kapitalforvaltning AS Invests $40.72 Million in Cummins Inc. (NYSE:CMI)

KLP Kapitalforvaltning AS acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 116,801 shares of the company’s stock, valued at approximately $40,717,000. KLP Kapitalforvaltning AS owned 0.09% of Cummins at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Knights of Columbus Asset Advisors LLC lifted its stake in shares of Cummins by 1.1% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 35,092 shares of the company’s stock worth $12,233,000 after buying an additional 391 shares during the period. Sfmg LLC acquired a new stake in shares of Cummins during the fourth quarter worth $327,000. Sei Investments Co. lifted its stake in shares of Cummins by 21.0% during the fourth quarter. Sei Investments Co. now owns 160,974 shares of the company’s stock worth $56,116,000 after buying an additional 27,943 shares during the period. Mizuho Securities USA LLC lifted its stake in shares of Cummins by 46.3% during the fourth quarter. Mizuho Securities USA LLC now owns 13,002 shares of the company’s stock worth $4,532,000 after buying an additional 4,115 shares during the period. Finally, Millstone Evans Group LLC acquired a new stake in shares of Cummins during the fourth quarter worth $184,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Evercore ISI boosted their target price on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Truist Financial boosted their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Jefferies Financial Group boosted their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Friday, March 14th. Finally, Citigroup decreased their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $389.50.

Cummins Stock Down 1.1 %

CMI stock opened at $321.78 on Friday. The stock has a market capitalization of $44.24 billion, a P/E ratio of 11.42, a P/E/G ratio of 2.19 and a beta of 1.01. The firm has a 50-day simple moving average of $355.99 and a 200-day simple moving average of $347.12. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last released its 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. The business had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.14 earnings per share. Equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given 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 2.26%. Cummins’s payout ratio 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.