Asset Management One Co. Ltd. Reduces Stock Holdings in Cummins Inc. (NYSE:CMI)

Asset Management One Co. Ltd. cut its stake in shares of Cummins Inc. (NYSE:CMI) by 0.3% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 53,179 shares of the company’s stock after selling 147 shares during the period. Asset Management One Co. Ltd.’s holdings in Cummins were worth $18,674,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Global Trust Asset Management LLC lifted its position in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares in the last quarter. Compass Financial Services Inc acquired a new position in Cummins in the 4th quarter worth $27,000. Prospera Private Wealth LLC purchased a new position in Cummins in the 3rd quarter valued at about $32,000. Ashton Thomas Securities LLC acquired a new stake in shares of Cummins during the third quarter valued at about $55,000. Finally, Friedenthal Financial purchased a new stake in shares of Cummins during the fourth quarter worth about $55,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CMI shares. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Robert W. Baird raised their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Truist Financial boosted their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Finally, Jefferies Financial Group lifted their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Cummins presently has an average rating of “Hold” and an average target price of $383.08.

Cummins Stock Up 1.2 %

NYSE:CMI opened at $373.71 on Friday. The company has a current ratio of 1.31, a quick ratio of 0.79 and a debt-to-equity ratio of 0.42. The stock has a 50 day moving average of $361.09 and a 200-day moving average of $338.71. The firm has a market capitalization of $51.27 billion, a PE ratio of 13.27, a price-to-earnings-growth ratio of 2.10 and a beta of 1.00. Cummins Inc. has a 52 week low of $259.06 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the company earned $4.14 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. Analysts predict that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Friday, February 21st. Cummins’s payout ratio is 25.84%.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.56% of the stock is currently owned by company insiders.

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.