PensionDanmark Pensionsforsikringsaktieselskab Grows Holdings in Cummins Inc. $CMI

PensionDanmark Pensionsforsikringsaktieselskab boosted its position in Cummins Inc. (NYSE:CMI) by 8.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,062 shares of the company’s stock after buying an additional 2,700 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab’s holdings in Cummins were worth $24,293,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after purchasing an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in shares of Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after buying an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC acquired a new stake in shares of Cummins during the second quarter worth approximately $225,000. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of Cummins during the second quarter worth approximately $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cummins news, EVP Bonnie J. Fetch sold 652 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the sale, the executive vice president directly owned 11,679 shares of the company’s stock, valued at $8,177,519.01. The trade was a 5.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares of the company’s stock, valued at $7,165,755. The trade was a 6.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,690 shares of company stock valued at $5,360,654 over the last 90 days. 0.30% of the stock is owned by corporate insiders.

Cummins Price Performance

NYSE CMI opened at $643.44 on Friday. Cummins Inc. has a 52 week low of $379.41 and a 52 week high of $737.76. 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 stock has a market cap of $88.58 billion, a price-to-earnings ratio of 32.88, a price-to-earnings-growth ratio of 1.58 and a beta of 1.24. The company has a 50-day moving average price of $668.87 and a two-hundred day moving average price of $625.03.

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

Cummins Increases Dividend

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

Analysts Set New Price Targets

Several analysts recently issued reports on CMI shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a report on Monday. Morgan Stanley raised their price objective on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Argus boosted their target price on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research note on Wednesday. Finally, Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Cummins 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.