Livforsakringsbolaget Skandia Omsesidigt Has $9.96 Million Position in Cummins Inc. $CMI

Key Points

• Livforsakringsbolaget Skandia Omsesidigt reduced its stake in Cummins Inc. by 22.1% during Q2, now holding $9.96 million worth of shares after selling more than 8,600 shares.
• Cummins recently increased its quarterly dividend to $2.00 per share, up from $1.82, marking an annual yield of 1.9%.
• Despite a 1.7% year-over-year revenue decline, Cummins reported better-than-expected earnings per share of $6.43, exceeding analysts' estimates by $1.22.

Livforsakringsbolaget Skandia Omsesidigt reduced its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 22.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,420 shares of the company's stock after selling 8,620 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt's holdings in Cummins were worth $9,963,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Fox Run Management L.L.C. purchased a new position in shares of Cummins during the 1st quarter valued at $2,749,000. Alpha Cubed Investments LLC purchased a new position in shares of Cummins during the 1st quarter valued at $440,000. Assenagon Asset Management S.A. grew its holdings in shares of Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock valued at $4,283,000 after acquiring an additional 1,114 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company's stock valued at $381,129,000 after acquiring an additional 126,362 shares in the last quarter. Finally, Artemis Investment Management LLP grew its holdings in shares of Cummins by 19.1% during the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company's stock valued at $2,428,000 after acquiring an additional 1,241 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In related news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company's stock, valued at $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 6,500 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company's stock, valued at $12,790,710. This trade represents a 17.07% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,039 shares of company stock valued at $10,385,075. Corporate insiders own 0.41% of the company's stock.

Cummins Stock Up 1.0%

Shares of CMI opened at $414.47 on Tuesday. The company has a 50-day simple moving average of $379.91 and a 200-day simple moving average of $337.39. The firm has a market capitalization of $57.11 billion, a P/E ratio of 19.49, a P/E/G ratio of 1.98 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $415.30.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm's revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.26 earnings per share. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were given a dividend of $2.00 per share. This is an increase 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%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins's dividend payout ratio (DPR) is currently 37.61%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CMI shares. Wolfe Research upgraded shares of Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Melius upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Truist Financial upped their price objective on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Finally, Barclays upped their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Nine research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $389.29.

Cummins Profile

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.

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