Cummins Inc. $CMI Stock Position Raised by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt increased its stake in Cummins Inc. (NYSE:CMI) by 2.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 46,840 shares of the company’s stock after acquiring an additional 1,300 shares during the quarter. Cummins makes up 0.8% of Livforsakringsbolaget Skandia Omsesidigt’s holdings, making the stock its 23rd largest holding. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Cummins were worth $19,784,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Cummins by 8.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after acquiring an additional 2,417 shares in the last quarter. New York State Teachers Retirement System raised its holdings in shares of Cummins by 2.1% during the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after acquiring an additional 2,305 shares during the period. Bailard Inc. lifted its position in shares of Cummins by 7.2% in the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after acquiring an additional 4,035 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares during the period. Finally, Accredited Wealth Management LLC boosted its stake in Cummins by 3,100.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after purchasing an additional 3,100 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

CMI opened at $543.56 on Wednesday. The stock has a fifty day moving average price of $574.30 and a 200 day moving average price of $498.61. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The stock has a market cap of $75.10 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 1.73 and a beta of 1.12.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a $2.00 dividend. The ex-dividend date 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 is currently 38.99%.

Wall Street Analyst Weigh In

Several analysts have issued reports on CMI shares. Raymond James Financial boosted their target price on shares of Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research note on Monday, February 9th. Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 target price on shares of Cummins in a research report on Friday, February 6th. Wells Fargo & Company lifted their price target on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Citigroup upped 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. Finally, Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average target price of $588.93.

Insider Activity

In related news, VP Amy Rochelle Davis sold 4,054 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the transaction, the vice president owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jennifer Mary Bush sold 4,270 shares of the business’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 transaction of $2,497,651.10. Following the completion of the sale, the vice president directly owned 15,130 shares of the company’s stock, valued at $8,849,990.90. This represents a 22.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 31,195 shares of company stock valued at $18,397,489. 0.41% of the stock is currently owned by company insiders.

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.