Nomura Asset Management Co. Ltd. Purchases 24,080 Shares of Cummins Inc. $CMI

Key Points

• Nomura Asset Management increased its Cummins stake by 26.9% in the fourth quarter, buying 24,080 additional shares and bringing its total holding to 113,648 shares worth about $58.0 million.
• Cummins posted stronger-than-expected results for its latest quarter, with earnings of $6.15 per share versus the $5.63 consensus and revenue of $8.40 billion, up 2.7% year over year.
• The company also announced a quarterly dividend of $2.00 per share, payable June 4, implying an annualized payout of $8.00 and a 1.2% yield.

Nomura Asset Management Co. Ltd. raised its position in Cummins Inc. (NYSE:CMI - Free Report) by 26.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 113,648 shares of the company's stock after purchasing an additional 24,080 shares during the quarter. Nomura Asset Management Co. Ltd. owned 0.08% of Cummins worth $58,012,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Fisher Asset Management LLC raised its position in Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company's stock valued at $1,422,121,000 after purchasing an additional 91,956 shares during the last quarter. Accredited Wealth Management LLC raised its position in Cummins by 3,100.0% in the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company's stock valued at $1,352,000 after purchasing an additional 3,100 shares during the last quarter. State of New Jersey Common Pension Fund D raised its position in Cummins by 5.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 48,795 shares of the company's stock valued at $20,610,000 after purchasing an additional 2,574 shares during the last quarter. Strengthening Families & Communities LLC increased its stake in shares of Cummins by 2,719.7% in the third quarter. Strengthening Families & Communities LLC now owns 8,882 shares of the company's stock valued at $3,717,000 after buying an additional 8,567 shares during the period. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Cummins in the third quarter valued at about $11,129,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Down 0.0%

Shares of CMI stock opened at $646.53 on Monday. The company has a market cap of $89.22 billion, a P/E ratio of 33.55, a PEG ratio of 1.57 and a beta of 1.24. The stock has a 50 day simple moving average of $623.70 and a two-hundred day simple moving average of $570.47. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm's revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.96 earnings per share. Research analysts forecast that Cummins Inc. will post 29.4 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Friday, May 22nd. Cummins's dividend payout ratio (DPR) is 41.52%.

Insider Transactions at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares of the company's stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares of the company's stock, valued at $5,912,010.72. This trade represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 17,633 shares of company stock valued at $11,653,357. Company insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Truist Financial set a $815.00 price target on Cummins in a research note on Wednesday, May 6th. Sanford C. Bernstein reissued a "market perform" rating on shares of Cummins in a research note on Friday, May 22nd. Evercore reissued an "outperform" rating and issued a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Morgan Stanley increased their price target on Cummins from $675.00 to $752.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings cut Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $700.50.

Cummins Profile

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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