Danske Bank A S Acquires 33,816 Shares of Cummins Inc. $CMI

Danske Bank A S boosted its holdings in Cummins Inc. (NYSE:CMI) by 25.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 166,560 shares of the company’s stock after acquiring an additional 33,816 shares during the quarter. Danske Bank A S’s holdings in Cummins were worth $86,040,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in CMI. Ibex Wealth Advisors grew its holdings in Cummins by 95.0% during the third quarter. Ibex Wealth Advisors now owns 774 shares of the company’s stock worth $400,000 after buying an additional 377 shares in the last quarter. Vista Capital Partners Inc. purchased a new stake in Cummins in the 3rd quarter valued at $823,000. Aberdeen Group plc raised its position in Cummins by 29.6% in the 3rd quarter. Aberdeen Group plc now owns 231,286 shares of the company’s stock valued at $119,475,000 after buying an additional 52,884 shares during the last quarter. Valmark Advisers Inc. raised its position in Cummins by 16.1% in the 3rd quarter. Valmark Advisers Inc. now owns 1,015 shares of the company’s stock valued at $524,000 after buying an additional 141 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in Cummins by 1.9% during the 3rd quarter. Allworth Financial LP now owns 31,544 shares of the company’s stock valued at $16,295,000 after acquiring an additional 575 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Cummins Stock Performance

CMI traded down $3.72 during trading on Friday, hitting $451.68. 1,885,212 shares of the company traded hands, compared to its average volume of 1,503,466. The firm has a market cap of $61.92 billion, a P/E ratio of 18.85, a price-to-earnings-growth ratio of 1.21 and a beta of 1.26. The stock’s fifty day moving average is $516.73 and its 200 day moving average is $596.65. The company has a quick ratio of 1.13, a current ratio of 1.74 and a debt-to-equity ratio of 0.46. Cummins Inc. has a one year low of $443.62 and a one year high of $737.76.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 5th. The company reported $8.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.20 by $0.05. The business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.89 billion. Cummins had a net margin of 9.26% and a return on equity of 26.82%. The firm’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter last year, the company posted $5.59 earnings per share. As a group, equities analysts predict that Cummins Inc. will post 29.83 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio is currently 36.73%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Freedom Broker cut their price objective on shares of Cummins from $800.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Tuesday, November 10th. Citigroup lowered their target price on shares of Cummins from $630.00 to $525.00 and set a “buy” rating for the company in a report on Friday, November 6th. JPMorgan Chase & Co. lowered their target price on shares of Cummins from $600.00 to $465.00 and set a “neutral” rating for the company in a report on Friday, November 6th. Finally, UBS Group dropped their price target on shares of Cummins from $741.00 to $675.00 and set a “buy” rating on the stock in a research report on Tuesday. Thirteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $659.44.

Cummins Company Profile

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.