2,100 Shares in Cummins Inc. $CMI Acquired by SBI Okasan Asset Management Co.Ltd.

Key Points

• SBI Okasan Asset Management disclosed a new position in Cummins, buying 2,100 shares valued at about $1.08 million in the fourth quarter.
• Institutional ownership remains high, with 83.46% of Cummins stock held by institutions, while several analysts recently raised price targets and the consensus rating is now “Moderate Buy” with an average target of $700.50.
• Insiders have been selling shares: VP Marvin Boakye and VP Donald G. Jackson both sold stock recently, and insiders have sold 17,633 shares worth $11.65 million over the last 90 days.

SBI Okasan Asset Management Co.Ltd. purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,100 shares of the company's stock, valued at approximately $1,081,000.

A number of other large investors have also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Cummins by 5.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 24,950 shares of the company's stock valued at $12,736,000 after purchasing an additional 1,351 shares in the last quarter. Moors & Cabot Inc. increased its position in shares of Cummins by 1.0% during the 4th quarter. Moors & Cabot Inc. now owns 3,372 shares of the company's stock worth $1,721,000 after purchasing an additional 35 shares in the last quarter. Intech Investment Management LLC lifted its holdings in Cummins by 9.4% during the 4th quarter. Intech Investment Management LLC now owns 5,938 shares of the company's stock valued at $3,031,000 after purchasing an additional 512 shares during the last quarter. Kingsview Wealth Management LLC boosted its position in Cummins by 9.1% in the fourth quarter. Kingsview Wealth Management LLC now owns 3,932 shares of the company's stock valued at $2,007,000 after buying an additional 329 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Cummins by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company's stock worth $1,822,534,000 after buying an additional 35,286 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, VP Marvin Boakye sold 3,481 shares of Cummins stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the completion of the sale, the vice president directly owned 8,508 shares in the company, valued at $5,784,589.20. This trade represents a 29.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 730 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the sale, the vice president directly owned 8,316 shares of the company's stock, valued at $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 17,633 shares of company stock valued at $11,653,357 over the last 90 days. Corporate insiders own 0.30% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Raymond James Financial lifted their target price on shares of Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a research note on Tuesday. Robert W. Baird set a $700.00 price target on Cummins in a report on Wednesday, May 6th. UBS Group set a $565.00 price objective on Cummins and gave the company a "neutral" rating in a research report on Friday, February 6th. Truist Financial set a $815.00 price objective on Cummins in a research note on Wednesday, May 6th. Finally, Morgan Stanley raised their target price on Cummins from $675.00 to $752.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Cummins currently has a consensus rating of "Moderate Buy" and an average price target of $700.50.

Cummins Stock Performance

Shares of Cummins stock opened at $646.53 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a 50 day simple moving average of $623.70 and a 200 day simple moving average of $569.87. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08. The firm has a market cap of $89.21 billion, a P/E ratio of 33.55, a P/E/G ratio of 1.63 and a beta of 1.27.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.96 EPS. Sell-side analysts predict that Cummins Inc. will post 29.4 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, May 22nd. Cummins's dividend payout ratio is 41.52%.

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.

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