Oslo Pensjonsforsikring AS Invests $501,000 in Cummins Inc. $CMI

Oslo Pensjonsforsikring AS bought a new stake in Cummins Inc. (NYSE:CMI) during the 1st quarter, Holdings Channel reports. The firm bought 931 shares of the company’s stock, valued at approximately $501,000.

A number of other large investors also recently made changes to their positions in CMI. Valmark Advisers Inc. lifted its holdings in Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after purchasing an additional 16 shares during the last quarter. Nicolet Advisory Services LLC lifted its holdings in shares of Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after buying an additional 17 shares in the last quarter. Uhlmann Price Securities LLC boosted its position in shares of Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after acquiring an additional 17 shares during the period. Frank Rimerman Advisors LLC grew its stake in shares of Cummins by 0.5% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after acquiring an additional 18 shares in the last quarter. Finally, Financial Consulate Inc. increased its position in Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after acquiring an additional 18 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 3.2%

Shares of Cummins stock opened at $659.94 on Wednesday. The company has a market capitalization of $91.07 billion, a price-to-earnings ratio of 34.25, a PEG ratio of 1.56 and a beta of 1.22. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12-month low of $344.02 and a 12-month high of $737.76. The firm’s 50-day moving average price is $674.90 and its two-hundred day moving average price is $616.91.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period last year, the firm earned $5.96 EPS. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, analysts forecast that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.3%. Cummins’s dividend payout ratio is currently 41.52%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. UBS Group reaffirmed a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Evercore reiterated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Wells Fargo & Company increased their price target on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. Finally, Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $740.07.

Insider Activity

In other news, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the transaction, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the sale, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 13,579 shares of company stock valued at $9,377,684. Corporate insiders own 0.30% of the company’s stock.

About Cummins

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.