Livforsakringsbolaget Skandia Omsesidigt Grows Stake in Cummins Inc. $CMI

Livforsakringsbolaget Skandia Omsesidigt increased its position in Cummins Inc. (NYSE:CMI) by 9.8% in the 1st quarter, HoldingsChannel.com reports. The fund owned 51,440 shares of the company’s stock after acquiring an additional 4,600 shares during the quarter. Cummins accounts for about 1.1% of Livforsakringsbolaget Skandia Omsesidigt’s investment portfolio, making the stock its 18th biggest holding. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Cummins were worth $27,658,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the company. Juno Financial Group LLC purchased a new position in shares of Cummins in the fourth quarter worth approximately $883,000. Truist Financial Corp raised its position in Cummins by 4.8% in the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock worth $32,671,000 after acquiring an additional 2,951 shares during the period. Nordea Investment Management AB raised its position in Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock worth $280,397,000 after acquiring an additional 278,350 shares during the period. California Public Employees Retirement System boosted its stake in shares of Cummins by 6.4% during the 3rd quarter. California Public Employees Retirement System now owns 261,522 shares of the company’s stock worth $110,459,000 after acquiring an additional 15,621 shares during the last quarter. Finally, Smith Salley Wealth Management boosted its stake in shares of Cummins by 1,381.8% during the 4th quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock worth $11,111,000 after acquiring an additional 20,299 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.6%

Shares of CMI opened at $675.02 on Wednesday. The firm has a market cap of $93.15 billion, a P/E ratio of 35.03, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a 1 year low of $339.74 and a 1 year high of $737.76. The company has a 50 day simple moving average of $679.36 and a two-hundred day simple moving average of $612.10.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. Cummins’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.96 earnings per share. On average, equities analysts expect that Cummins Inc. will post 29.33 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is 41.52%.

Insider Buying and Selling

In related news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the transaction, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the sale, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 in the last quarter. 0.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CMI has been the subject of several analyst reports. Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Raymond James Financial boosted their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Truist Financial upped their price target on Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. lifted their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Argus boosted their price objective on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $739.43.

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.