Meiji Yasuda Asset Management Co Ltd. Purchases Shares of 18,551 Cummins Inc. $CMI

Meiji Yasuda Asset Management Co Ltd. acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 18,551 shares of the company’s stock, valued at approximately $13,231,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Truist Financial Corp boosted its position in Cummins by 4.8% in the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock worth $32,671,000 after purchasing an additional 2,951 shares in the last quarter. Kepler Cheuvreux Suisse SA acquired a new stake in shares of Cummins in the fourth quarter valued at about $7,869,000. Westfield Capital Management Co. LP purchased a new stake in Cummins during the 4th quarter worth approximately $7,797,000. Comprehensive Financial Consultants Institutional Inc. lifted its position in shares of Cummins by 643.0% in the fourth quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company’s stock valued at $3,732,000 after acquiring an additional 6,327 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its stake in shares of Cummins by 26.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 113,648 shares of the company’s stock worth $58,012,000 after acquiring an additional 24,080 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Argus boosted their price target on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Wells Fargo & Company increased their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. UBS Group lowered their target price on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Finally, Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Trading Up 0.0%

NYSE CMI opened at $587.87 on Monday. The firm has a 50 day simple moving average of $660.86 and a 200-day simple moving average of $628.55. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The firm has a market cap of $80.93 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 1.40 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the previous year, the company earned $6.43 earnings per share. Cummins’s quarterly revenue was up 9.4% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. Cummins’s payout ratio is 44.97%.

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.