Livforsakringsbolaget Skandia Omsesidigt Makes New $36.75 Million Investment in Cummins Inc. $CMI

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

A number of other large investors also recently modified their holdings of the company. Brighton Jones LLC lifted its position in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the last quarter. Intech Investment Management LLC raised its stake in Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after buying an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina raised its position in shares of Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after acquiring an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC purchased a new stake in Cummins during the second quarter worth approximately $225,000. Finally, Osterweis Capital Management Inc. purchased a new stake in Cummins during the second quarter worth approximately $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research analyst reports. Citigroup raised their price objective on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Raymond James Financial upped their target price on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. CICC Research started coverage on Cummins in a research note on Sunday, August 23rd. They set an “outperform” rating on the stock. Robert W. Baird set a $700.00 target price on shares of Cummins in a research report on Wednesday, May 6th. Finally, Weiss Ratings raised shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, August 17th. Twelve 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 an average rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Price Performance

Shares of NYSE:CMI opened at $564.61 on Friday. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The company has a 50-day moving average price of $647.45 and a 200 day moving average price of $627.90. The company has a market cap of $77.72 billion, a P/E ratio of 28.85, a PEG ratio of 1.37 and a beta of 1.24. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

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

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders 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 yield of 1.6%. This is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio is 44.97%.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction dated 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 transaction, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

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.