SBI Okasan Asset Management Co.Ltd. Invests $1.08 Million in Cummins Inc. $CMI

SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the fourth quarter, HoldingsChannel reports. The fund acquired 2,100 shares of the company’s stock, valued at approximately $1,081,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Thompson Investment Management Inc. bought a new position in Cummins during the fourth quarter worth about $26,000. Activest Wealth Management increased its stake in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins in the 4th quarter valued at approximately $27,000. Ares Financial Consulting LLC bought a new position in Cummins during the 4th quarter worth approximately $29,000. Finally, Osterweis Capital Management Inc. acquired a new position in Cummins during the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the transaction, the vice president directly owned 15,807 shares in the company, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of Cummins 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 in the company, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 17,633 shares of company stock valued at $11,653,357 over the last ninety days. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CMI shares. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Morgan Stanley lifted their target price on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Finally, Barclays boosted their target price on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $700.50.

Cummins Trading Down 3.3%

Shares of NYSE:CMI opened at $646.53 on Friday. Cummins Inc. has a 12 month low of $307.90 and a 12 month high of $718.08. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The company’s fifty day simple moving average is $623.70 and its 200 day simple moving average is $569.87. The firm has a market cap of $89.21 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 1.63 and a beta of 1.27.

Cummins (NYSE:CMI) last announced 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 firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business earned $5.96 EPS. As a group, research analysts forecast that Cummins Inc. will post 29.4 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, May 22nd. Cummins’s dividend payout ratio is currently 41.52%.

About Cummins

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.