Livforsakringsbolaget Skandia Omsesidigt Buys 1,300 Shares of Cummins Inc. $CMI

Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Cummins Inc. (NYSE:CMI) by 2.9% during the third quarter, Holdings Channel reports. The fund owned 46,840 shares of the company’s stock after acquiring an additional 1,300 shares during the quarter. Cummins accounts for 0.8% of Livforsakringsbolaget Skandia Omsesidigt’s holdings, making the stock its 23rd largest position. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Cummins were worth $19,784,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Vanguard Group Inc. boosted its position in Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after purchasing an additional 344,680 shares during the period. State Street Corp raised its position in shares of Cummins by 1.4% in the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after purchasing an additional 92,073 shares during the period. Fisher Asset Management LLC raised its position in shares of Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares during the period. Norges Bank acquired a new stake in shares of Cummins in the second quarter worth $505,941,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Cummins by 0.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock worth $649,280,000 after buying an additional 7,372 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cummins news, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares of the company’s stock, valued at $20,446,495.30. This represents a 34.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Jennifer Mary Bush sold 4,270 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the sale, the vice president owned 15,130 shares of the company’s stock, valued at $8,849,990.90. This represents a 22.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 31,195 shares of company stock valued at $18,397,489. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

NYSE:CMI opened at $543.56 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98. The company has a fifty day moving average price of $574.30 and a 200 day moving average price of $498.61. The stock has a market cap of $75.10 billion, a P/E ratio of 26.49, a PEG ratio of 1.73 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same period last year, the business posted $5.16 EPS. The business’s quarterly revenue was up 1.1% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. Cummins’s dividend payout ratio (DPR) is 38.99%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Barclays upped their price target on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Citigroup raised their price target on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. JPMorgan Chase & Co. lifted their price objective on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Finally, Robert W. Baird set a $580.00 target price on Cummins in a research note on Friday, February 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $588.93.

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.