Livforsakringsbolaget Skandia Omsesidigt Purchases 4,600 Shares of Cummins Inc. $CMI

Livforsakringsbolaget Skandia Omsesidigt boosted its position in Cummins Inc. (NYSE:CMI) by 9.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,440 shares of the company’s stock after purchasing an additional 4,600 shares during the quarter. Cummins comprises 1.1% of Livforsakringsbolaget Skandia Omsesidigt’s investment portfolio, making the stock its 18th biggest position. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Cummins were worth $27,658,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC increased its holdings in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the period. Intech Investment Management LLC grew its position in Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after buying an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina grew its position in Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after buying an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC bought a new position in Cummins in the 2nd quarter worth about $225,000. Finally, Osterweis Capital Management Inc. bought a new position in Cummins in the 2nd quarter worth about $31,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

CMI stock opened at $675.02 on Wednesday. The stock’s 50 day simple moving average is $679.36 and its 200 day simple moving average is $612.10. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12-month low of $339.74 and a 12-month high of $737.76. The stock has a market capitalization of $93.15 billion, a PE ratio of 35.03, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the company earned $5.96 EPS. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, research analysts forecast that Cummins Inc. will post 29.33 earnings per share for the current fiscal year.

Cummins Increases Dividend

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

Insiders Place Their Bets

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the transaction, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. The trade was a 6.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president owned 8,316 shares in the company, valued at $5,912,010.72. This represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last quarter. Insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CMI. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Wells Fargo & Company upped their price target on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Evercore reiterated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Barclays lifted their target price on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $739.43.

Cummins Company 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.