Norinchukin Bank The Purchases 1,000 Shares of Cummins Inc. $CMI

Key Points

• Norinchukin Bank The increased its stake in Cummins Inc. by 15.8%, acquiring an additional 1,000 shares, bringing its total holdings to 7,343 shares valued at approximately $2.3 million.
• Multiple analysts have upgraded their price targets for Cummins, with Goldman Sachs raising its target from $410 to $431 and Robert W. Baird from $315 to $355, reflecting positive sentiment around the stock.
• Cummins has declared a quarterly dividend increase to $2.00 from the previous $1.82, providing an annualized yield of 2.0% and continuing its commitment to returning value to shareholders.

Norinchukin Bank The lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 15.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,343 shares of the company's stock after purchasing an additional 1,000 shares during the quarter. Norinchukin Bank The's holdings in Cummins were worth $2,302,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CMI. Olde Wealth Management LLC acquired a new position in shares of Cummins in the first quarter valued at $30,000. Accredited Wealth Management LLC acquired a new position in Cummins during the first quarter worth $31,000. Capital A Wealth Management LLC acquired a new position in Cummins during the fourth quarter worth $32,000. Opal Wealth Advisors LLC acquired a new position in Cummins during the first quarter worth $37,000. Finally, Richardson Financial Services Inc. acquired a new position in Cummins during the first quarter worth $39,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Up 0.8%

Cummins stock traded up $3.04 during midday trading on Wednesday, reaching $401.50. The stock had a trading volume of 525,565 shares, compared to its average volume of 877,833. The firm's fifty day simple moving average is $358.19 and its 200-day simple moving average is $334.66. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $408.38. The stock has a market capitalization of $55.32 billion, a P/E ratio of 18.88, a price-to-earnings-growth ratio of 1.91 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $5.26 EPS. As a group, analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be paid a $2.00 dividend. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio is 37.61%.

Insider Transactions at Cummins

In other news, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president directly owned 7,693 shares in the company, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares of the company's stock, valued at $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,039 shares of company stock valued at $10,385,075. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CMI has been the topic of several research analyst reports. Morgan Stanley increased their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. JPMorgan Chase & Co. increased their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Evercore ISI reiterated an "outperform" rating on shares of Cummins in a report on Tuesday, August 19th. Finally, Barclays raised their price target on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $370.83.

About Cummins

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.