Cummins Inc. (NYSE:CMI) Shares Purchased by Asset Management One Co. Ltd.

Asset Management One Co. Ltd. raised its position in Cummins Inc. (NYSE:CMI - Free Report) by 7.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,970 shares of the company's stock after acquiring an additional 3,791 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Cummins were worth $17,857,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CMI. Brighton Jones LLC increased its stake in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after buying an additional 83 shares during the last quarter. Handelsbanken Fonder AB raised its stake in Cummins by 6.6% during the fourth quarter. Handelsbanken Fonder AB now owns 4,067 shares of the company's stock worth $1,418,000 after acquiring an additional 252 shares in the last quarter. Sigma Planning Corp lifted its holdings in Cummins by 10.0% in the fourth quarter. Sigma Planning Corp now owns 2,019 shares of the company's stock valued at $704,000 after buying an additional 184 shares during the period. Wealthspire Advisors LLC increased its holdings in Cummins by 6.1% during the 4th quarter. Wealthspire Advisors LLC now owns 1,887 shares of the company's stock worth $658,000 after purchasing an additional 108 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in shares of Cummins by 12.9% in the 4th quarter. IFP Advisors Inc now owns 3,417 shares of the company's stock valued at $1,191,000 after purchasing an additional 390 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

NYSE:CMI traded up $6.10 during mid-day trading on Thursday, hitting $324.85. The company's stock had a trading volume of 1,003,967 shares, compared to its average volume of 776,362. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The stock has a market cap of $44.75 billion, a price-to-earnings ratio of 16.16, a PEG ratio of 1.95 and a beta of 1.04. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The business's fifty day moving average is $313.19 and its two-hundred day moving average is $333.69.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.08 EPS. Analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio (DPR) is currently 36.22%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Evercore ISI lowered their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Morgan Stanley boosted their price objective on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Citigroup restated a "buy" rating and set a $360.00 target price (up from $350.00) on shares of Cummins in a research report on Tuesday. Finally, Robert W. Baird decreased their price target on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $358.08.

Insider Buying and Selling

In other news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 0.41% of the stock is currently owned by insiders.

Cummins 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.