Cummins Inc. (NYSE:CMI) Shares Acquired by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Cummins Inc. by 7.7%, now owning 45,155 shares valued at approximately $14.16 million.
• Analysts have varied opinions on Cummins, with target prices ranging from $355.00 to $431.00 and the stock receiving a consensus rating of "Hold".
• Cummins announced a quarterly dividend of $2.00 per share, marking an increase from the previous $1.82, with a current yield of 2.0%.

Resona Asset Management Co. Ltd. boosted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 7.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,155 shares of the company's stock after buying an additional 3,237 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Cummins were worth $14,157,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CMI. Brighton Jones LLC boosted its position in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after purchasing an additional 83 shares during the period. Townsquare Capital LLC raised its stake in shares of Cummins by 81.9% in the 4th quarter. Townsquare Capital LLC now owns 5,978 shares of the company's stock valued at $2,084,000 after acquiring an additional 2,691 shares in the last quarter. Advisors Capital Management LLC bought a new position in Cummins in the 4th quarter worth approximately $275,000. Cohen & Steers Inc. increased its position in Cummins by 5.3% in the 4th quarter. Cohen & Steers Inc. now owns 1,117 shares of the company's stock worth $389,000 after buying an additional 56 shares during the period. Finally, CreativeOne Wealth LLC grew its holdings in shares of Cummins by 5.9% during the 4th quarter. CreativeOne Wealth LLC now owns 966 shares of the company's stock worth $337,000 after purchasing an additional 54 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the company's stock in a transaction on Friday, August 8th. The shares were 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 owned 7,693 shares in the company, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jennifer Mary Bush sold 520 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $388.13, for a total transaction of $201,827.60. Following the transaction, the vice president owned 15,130 shares of the company's stock, valued at approximately $5,872,406.90. The trade was a 3.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,872 shares of company stock worth $9,107,105 in the last 90 days. Company insiders own 0.41% of the company's stock.

Cummins Price Performance

CMI traded down $6.35 on Friday, reaching $398.45. 701,253 shares of the company's stock were exchanged, compared to its average volume of 1,050,250. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The stock's fifty day moving average price is $347.51 and its 200-day moving average price is $332.91. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $408.38. The stock has a market cap of $54.90 billion, a PE ratio of 18.73, a P/E/G ratio of 1.95 and a beta of 1.02.

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

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a $2.00 dividend. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 2.0%. Cummins's payout ratio is currently 34.23%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CMI. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Truist Financial upped their target price on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a research note on Monday, August 11th. Evercore ISI reduced their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Finally, Robert W. Baird raised their price objective on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, July 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Cummins presently has an average rating of "Hold" and a consensus target price of $370.83.

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.