Meiji Yasuda Asset Management Co Ltd. Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 10.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,947 shares of the company’s stock after purchasing an additional 457 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Cummins were worth $1,370,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CMI. Coldstream Capital Management Inc. boosted its position in Cummins by 17.1% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,526 shares of the company’s stock worth $605,000 after purchasing an additional 368 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Cummins during the fourth quarter valued at approximately $459,000. Assetmark Inc. raised its holdings in shares of Cummins by 6.4% during the fourth quarter. Assetmark Inc. now owns 16,965 shares of the company’s stock valued at $4,064,000 after acquiring an additional 1,020 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Cummins by 41.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 344 shares of the company’s stock valued at $82,000 after acquiring an additional 100 shares during the last quarter. Finally, Union Savings Bank raised its holdings in shares of Cummins by 12.6% during the fourth quarter. Union Savings Bank now owns 668 shares of the company’s stock valued at $160,000 after acquiring an additional 75 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. JPMorgan Chase & Co. increased their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Robert W. Baird increased their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Citigroup assumed coverage on Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target for the company. Evercore ISI increased their price target on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Finally, Barclays increased their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Cummins has a consensus rating of “Hold” and an average price target of $299.55.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Cummins Price Performance

CMI stock opened at $309.22 on Friday. The business has a fifty day moving average of $297.25 and a two-hundred day moving average of $287.97. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The stock has a market cap of $42.30 billion, a price-to-earnings ratio of 22.64, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $322.83.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same quarter last year, the firm earned $5.18 earnings per share. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, research analysts anticipate that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were given a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

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.