Lansforsakringar Fondforvaltning AB publ Boosts Holdings in Cummins Inc. $CMI

Lansforsakringar Fondforvaltning AB publ raised its stake in shares of Cummins Inc. (NYSE:CMI) by 10.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,848 shares of the company’s stock after buying 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 hedge funds have also recently modified their holdings of CMI. Flagship Wealth Advisors LLC bought a new position in shares of Cummins during the third quarter worth $28,000. Osterweis Capital Management Inc. purchased a new stake in Cummins in the 2nd quarter worth $31,000. Guerra Advisors Inc bought a new position in shares of Cummins during the 3rd quarter valued at about $36,000. Salomon & Ludwin LLC grew its position in shares of Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after purchasing an additional 80 shares in the last quarter. Finally, Tripletail Wealth Management LLC bought a new stake in shares of Cummins in the third quarter worth about $39,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.6%

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 52 week low of $260.02 and a 52 week high of $617.98. The firm has a market capitalization of $81.97 billion, a price-to-earnings ratio of 28.91, a PEG ratio of 1.88 and a beta of 1.13. The company has a fifty day moving average of $558.23 and a two-hundred day moving average of $478.72.

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

Cummins Announces Dividend

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

Insider Buying and Selling

In related news, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brett Michael Merritt sold 1,450 shares of the company’s 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 transaction, the insider directly owned 9,271 shares in the company, valued at $4,536,485.72. This trade represents a 13.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.41% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Sanford C. Bernstein set a $600.00 price target on Cummins and gave the company a “market perform” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. increased their target price on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price for the company. in a report on Monday, January 26th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a research note on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Company 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.