Livforsakringsbolaget Skandia Omsesidigt Purchases Shares of 51,560 Cummins Inc. $CMI

Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 51,560 shares of the company’s stock, valued at approximately $36,750,000. Cummins makes up approximately 1.2% of Livforsakringsbolaget Skandia Omsesidigt’s portfolio, making the stock its 19th biggest position.

Other hedge funds have also recently modified their holdings of the company. Persistent Asset Partners Ltd acquired a new stake in Cummins in the 2nd quarter worth approximately $26,000. Elevation Wealth Partners LLC increased its stake in Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after purchasing an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC raised its holdings in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares during the last quarter. Activest Wealth Management lifted its stake in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the period. Finally, Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins during the fourth quarter worth $27,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 1.6%

Shares of CMI opened at $564.61 on Friday. The stock has a market capitalization of $77.72 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 1.37 and a beta of 1.24. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The stock has a 50 day moving average price of $647.45 and a 200 day moving average price of $627.90. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the previous year, the company posted $6.43 EPS. The firm’s revenue was up 9.4% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company 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 is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s payout ratio is currently 44.97%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CMI shares. Evercore reiterated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. CICC Research began coverage on Cummins in a research note on Sunday, August 23rd. They set an “outperform” rating for the company. Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. UBS Group lowered their target price on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and an average price target of $745.64.

Insiders Place Their Bets

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by insiders.

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.