Cummins Inc. $CMI Shares Bought by Livforsakringsbolaget Skandia Omsesidigt

Key Points

• Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Cummins Inc. by 16.6%, owning 45,540 shares valued at approximately $14.9 million as of the latest reporting period.
• Cummins Inc. reported earnings of $6.43 per share for the recent quarter, which exceeded analysts' estimates of $5.21, along with revenues of $8.64 billion.
• The company has recently increased its quarterly dividend to $2.00 per share, reflecting an annualized yield of 1.9% and a boost from the previous rate of $1.82.

Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 16.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,540 shares of the company's stock after buying an additional 6,500 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Cummins were worth $14,913,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CMI. Olde Wealth Management LLC bought a new stake in shares of Cummins during the 1st quarter valued at $30,000. Accredited Wealth Management LLC bought a new position in Cummins during the 1st quarter valued at about $31,000. Capital A Wealth Management LLC bought a new position in Cummins during the 4th quarter valued at about $32,000. Opal Wealth Advisors LLC bought a new position in shares of Cummins in the 1st quarter worth approximately $37,000. Finally, Richardson Financial Services Inc. purchased a new position in shares of Cummins during the 1st quarter worth $39,000. Institutional investors own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CMI shares. Citigroup boosted their price objective on shares of Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Barclays boosted their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Truist Financial raised their target price on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Wells Fargo & Company upgraded shares of Cummins to an "overweight" rating in a research note on Monday, August 11th. Finally, The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and raised their target price for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $389.29.

Insider Buying and Selling at Cummins

In related news, VP Luther E. Peters sold 4,850 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the sale, the vice president owned 7,693 shares in the company, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 1,580 shares of the company's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $419.00, for a total value of $662,020.00. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $13,232,858. This represents a 4.76% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,119 shares of company stock valued at $14,159,885. Insiders own 0.41% of the company's stock.

Cummins Trading Up 0.4%

Shares of NYSE:CMI traded up $1.69 on Monday, hitting $425.33. 749,282 shares of the company's stock were exchanged, compared to its average volume of 875,458. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $428.96. The stock has a market capitalization of $58.61 billion, a price-to-earnings ratio of 20.00, a price-to-earnings-growth ratio of 2.05 and a beta of 1.02. The business's 50 day simple moving average is $386.60 and its two-hundred day simple moving average is $339.37. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the company posted $5.26 earnings per share. The firm's quarterly revenue was down 1.7% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. Cummins's payout ratio is presently 37.61%.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.