Lansforsakringar Fondforvaltning AB publ Has $23.81 Million Stock Holdings in Cummins Inc. $CMI

Lansforsakringar Fondforvaltning AB publ lessened its stake in Cummins Inc. (NYSE:CMI) by 21.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 44,254 shares of the company’s stock after selling 12,272 shares during the period. Lansforsakringar Fondforvaltning AB publ’s holdings in Cummins were worth $23,809,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Northwestern Mutual Wealth Management Co. lifted its position in shares of Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after buying an additional 2,434,876 shares during the last quarter. Norges Bank acquired a new position in shares of Cummins during the 4th quarter worth $863,441,000. Boston Partners bought a new position in Cummins in the 3rd quarter valued at approximately $473,471,000. London Co. of Virginia acquired a new stake in shares of Cummins during the third quarter valued at about $231,732,000. Finally, SG Americas Securities LLC lifted its holdings in shares of Cummins by 257.9% during the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after purchasing an additional 530,812 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 3.1%

CMI opened at $712.66 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The stock’s fifty day moving average is $675.72 and its two-hundred day moving average is $601.00. The company has a market capitalization of $98.34 billion, a P/E ratio of 36.98, a PEG ratio of 1.69 and a beta of 1.23. Cummins Inc. has a 52 week low of $325.00 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period last year, the company earned $5.96 earnings per share. Cummins’s revenue for the quarter was up 2.7% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 29.31 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were given a dividend of $2.00 per share. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Analysts Set New Price Targets

Several equities research analysts have commented on CMI shares. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Robert W. Baird set a $700.00 target price on Cummins in a research note on Wednesday, May 6th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, UBS Group restated a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $731.86.

Insiders Place Their Bets

In related news, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $700.19, for a total value of $456,523.88. Following the sale, the executive vice president directly owned 11,679 shares in the company, valued at approximately $8,177,519.01. The trade was a 5.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total value of $421,294.42. Following the sale, the vice president owned 9,447 shares of the company’s stock, valued at $6,556,784.82. The trade was a 6.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is owned by insiders.

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.