Lansforsakringar Fondforvaltning AB publ Grows Stake in Cummins Inc. $CMI

Lansforsakringar Fondforvaltning AB publ lifted its stake in Cummins Inc. (NYSE:CMI) by 10.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,848 shares of the company’s stock after purchasing an additional 5,532 shares during the quarter. Lansforsakringar Fondforvaltning AB publ’s holdings in Cummins were worth $24,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of CMI. Vanguard Group Inc. lifted its stake in shares of Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after buying an additional 344,680 shares in the last quarter. State Street Corp raised its holdings in Cummins by 1.4% in the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after acquiring an additional 92,073 shares during the last quarter. Geode Capital Management LLC lifted its position in Cummins by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after acquiring an additional 43,720 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Cummins by 4.5% during the 2nd quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock valued at $1,072,578,000 after purchasing an additional 142,058 shares during the last quarter. Finally, Norges Bank purchased a new stake in Cummins during the 2nd quarter valued at $505,941,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CMI shares. Wolfe Research cut Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target for the company. in a research note on Monday, January 26th. UBS Group set a $565.00 target price on shares of Cummins and gave the company a “neutral” rating in a research note on Friday, February 6th. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Finally, Wells Fargo & Company raised their target price on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Price Performance

Shares of NYSE:CMI opened at $593.27 on Monday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The stock has a market capitalization of $81.97 billion, a PE ratio of 28.91, a price-to-earnings-growth ratio of 1.88 and a beta of 1.13. The firm’s 50 day moving average price is $558.23 and its 200-day moving average price is $478.72.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the previous year, the firm posted $5.16 EPS. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. Cummins’s dividend payout ratio (DPR) is 38.99%.

Insider Transactions at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the sale, the insider directly owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the transaction, the director owned 34,243 shares in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their position. The SEC filing for this sale provides additional information. 0.41% 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.