Skandinaviska Enskilda Banken AB publ Has $8.69 Million Position in Cummins Inc. (NYSE:CMI)

Skandinaviska Enskilda Banken AB publ lifted its position in shares of Cummins Inc. (NYSE:CMI) by 11.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,394 shares of the company’s stock after purchasing an additional 3,200 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Cummins were worth $8,694,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CMI. Price T Rowe Associates Inc. MD increased its holdings in shares of Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after acquiring an additional 604,735 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Cummins by 4.1% in the fourth quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock valued at $619,982,000 after purchasing an additional 103,018 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Cummins by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after buying an additional 26,977 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Cummins by 4.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after buying an additional 64,365 shares during the period. Finally, Nordea Investment Management AB raised its holdings in Cummins by 5.6% in the 1st quarter. Nordea Investment Management AB now owns 911,720 shares of the company’s stock valued at $268,492,000 after acquiring an additional 48,211 shares during the period. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CMI has been the subject of several analyst reports. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Citigroup started coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. Robert W. Baird raised their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Evercore ISI increased their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Finally, Barclays boosted their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $299.55.

Cummins Price Performance

Cummins stock opened at $308.24 on Friday. The company has a market capitalization of $42.16 billion, a PE ratio of 22.57, a P/E/G ratio of 1.70 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average price of $297.72 and a two-hundred day moving average price of $288.34. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $322.83.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same quarter last year, the business earned $5.18 EPS. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. Analysts expect that Cummins Inc. will post 19.66 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.36%. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio is presently 53.29%.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

Cummins Company 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.