Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Position in Cummins Inc. $CMI

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Cummins Inc. (NYSE:CMI) by 4.5% in the third quarter, Holdings Channel.com reports. The fund owned 290,507 shares of the company’s stock after purchasing an additional 12,549 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Cummins were worth $122,726,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Flagship Wealth Advisors LLC acquired a new position in Cummins during the third quarter worth $28,000. Salomon & Ludwin LLC raised its stake in shares of Cummins by 1,333.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after buying an additional 80 shares during the last quarter. Guerra Advisors Inc purchased a new stake in shares of Cummins in the 3rd quarter worth about $36,000. Tripletail Wealth Management LLC acquired a new stake in Cummins in the 3rd quarter valued at about $39,000. Finally, Osterweis Capital Management Inc. purchased a new position in Cummins during the 2nd quarter valued at about $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $587.60 on Friday. The company has a market cap of $81.19 billion, a P/E ratio of 28.64, a P/E/G ratio of 1.88 and a beta of 1.13. The business has a fifty day simple moving average of $564.97 and a 200-day simple moving average of $483.15. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. Cummins’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.16 earnings per share. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.4%. Cummins’s dividend payout ratio is presently 38.99%.

Wall Street Analyst Weigh In

CMI has been the topic of several recent research reports. UBS Group set a $565.00 price target on shares of Cummins and gave the company a “neutral” rating in a report on Friday, February 6th. JPMorgan Chase & Co. upped their target price on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Barclays raised their price target on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Truist Financial restated a “buy” rating and issued a $703.00 price objective (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. Finally, Robert W. Baird set a $580.00 price objective on Cummins in a research note on Friday, February 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $588.93.

Insiders Place Their Bets

In related news, VP Amy Rochelle Davis sold 1,864 shares of the firm’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $586.64, for a total transaction of $1,093,496.96. Following the sale, the vice president directly owned 17,827 shares in the company, valued at approximately $10,458,031.28. This trade represents a 9.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 27,141 shares of company stock valued at $16,121,817. Company insiders own 0.41% of the company’s stock.

Cummins Company 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.