Nissay Asset Management Corp Japan trimmed its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 9.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,286 shares of the company's stock after selling 3,088 shares during the quarter. Nissay Asset Management Corp Japan's holdings in Cummins were worth $20,174,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in CMI. Activest Wealth Management lifted its position in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock worth $26,000 after purchasing an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC increased its holdings in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock valued at $26,000 after buying an additional 45 shares during the last quarter. Persistent Asset Partners Ltd acquired a new stake in Cummins during the second quarter valued at approximately $26,000. Wellington Shields Capital Management LLC acquired a new stake in Cummins during the fourth quarter valued at approximately $27,000. Finally, Key Financial Inc lifted its holdings in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after buying an additional 20 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research analysts have recently commented on the company. CICC Research started coverage on Cummins in a research report on Sunday, August 23rd. They issued an "outperform" rating for the company. Barclays upped their price target on Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Morgan Stanley raised their price objective on Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Truist Financial set a $894.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Finally, Raymond James Financial increased their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a report on Tuesday, May 26th. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $745.64.
Read Our Latest Report on CMI
Cummins Stock Down 1.6%
Shares of Cummins stock opened at $564.61 on Friday. The stock has a market capitalization of $77.72 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 1.35 and a beta of 1.24. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The business's 50 day simple moving average is $647.45 and its 200-day simple moving average is $627.90.
Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.43 EPS. Equities research analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current year.
Cummins Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. This is a positive change from Cummins's previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. Cummins's dividend payout ratio is presently 44.97%.
Insider Activity at Cummins
In related news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president owned 4,479 shares of the company's stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.30% of the company's stock.
Cummins Profile
(
Free Report)
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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