FUKOKU MUTUAL LIFE INSURANCE Co Makes New Investment in Cummins Inc. (NYSE:CMI)

FUKOKU MUTUAL LIFE INSURANCE Co bought a new position in Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 1,123 shares of the company's stock, valued at approximately $352,000.

Several other hedge funds also recently bought and sold shares of CMI. Norges Bank bought a new position in Cummins in the 4th quarter worth $499,490,000. GAMMA Investing LLC boosted its holdings in Cummins by 38,220.5% in the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock worth $373,428,000 after buying an additional 1,188,276 shares during the period. Vanguard Group Inc. boosted its holdings in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after buying an additional 250,650 shares during the period. Northern Trust Corp boosted its holdings in Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after buying an additional 246,807 shares during the period. Finally, Neuberger Berman Group LLC boosted its holdings in Cummins by 57.0% in the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after buying an additional 233,694 shares during the period. Institutional investors own 83.46% of the company's stock.

Cummins Trading Down 0.4%

Shares of NYSE:CMI traded down $1.28 during trading on Friday, reaching $338.75. The company's stock had a trading volume of 632,089 shares, compared to its average volume of 775,520. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The firm's 50 day simple moving average is $323.43 and its two-hundred day simple moving average is $331.08. The stock has a market capitalization of $46.66 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's payout ratio is currently 36.22%.

Analysts Set New Price Targets

Several brokerages recently weighed in on CMI. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and upped their target price for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Morgan Stanley increased their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Truist Financial dropped their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. Citigroup reissued a "buy" rating and set a $360.00 price objective (up previously from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Finally, Robert W. Baird increased their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $361.42.

Insider Transactions at Cummins

In other news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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.