Meiji Yasuda Asset Management Co Ltd. increased its holdings in Cummins Inc. (NYSE:CMI) by 45.8% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,322 shares of the company’s stock after buying an additional 2,300 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Cummins were worth $1,230,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of CMI. Carroll Financial Associates Inc. raised its position in Cummins by 13.4% during the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after purchasing an additional 83 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in Cummins during the third quarter valued at about $132,000. Captrust Financial Advisors purchased a new stake in Cummins during the second quarter valued at about $137,000. Acrospire Investment Management LLC purchased a new stake in Cummins during the second quarter valued at about $146,000. Finally, First Interstate Bank raised its position in Cummins by 2.7% during the second quarter. First Interstate Bank now owns 956 shares of the company’s stock valued at $155,000 after purchasing an additional 25 shares in the last quarter. Institutional investors own 82.50% of the company’s stock.
Shares of Cummins Inc. (NYSE CMI) traded up $3.92 during midday trading on Thursday, reaching $169.30. 1,883,811 shares of the company were exchanged, compared to its average volume of 1,314,746. Cummins Inc. has a 52 week low of $134.06 and a 52 week high of $181.79. The stock has a market cap of $27,358.08, a price-to-earnings ratio of 16.74, a P/E/G ratio of 1.32 and a beta of 1.13. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.57.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.24. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The company had revenue of $5.29 billion during the quarter, compared to analyst estimates of $4.79 billion. During the same period in the previous year, the business earned $2.02 EPS. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. equities research analysts predict that Cummins Inc. will post 10.19 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 17th were given a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Thursday, November 16th. Cummins’s dividend payout ratio (DPR) is presently 43.86%.
A number of research analysts have recently issued reports on CMI shares. Stifel Nicolaus reaffirmed a “hold” rating and set a $190.00 price objective (up from $186.00) on shares of Cummins in a research note on Wednesday, November 1st. Buckingham Research started coverage on Cummins in a research note on Tuesday, September 5th. They issued a “buy” rating and a $180.00 target price on the stock. BMO Capital Markets raised their target price on Cummins from $185.00 to $190.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 8th. Jefferies Group raised their target price on Cummins from $165.00 to $180.00 and gave the stock a “hold” rating in a research note on Wednesday, November 1st. Finally, ValuEngine cut Cummins from a “buy” rating to a “hold” rating in a research note on Saturday, November 25th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $176.41.
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Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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