348,555 Shares in Cummins Inc. $CMI Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 348,555 shares of the company’s stock, valued at approximately $248,373,000.

Other hedge funds also recently added to or reduced their stakes in the company. Valmark Advisers Inc. lifted its position in shares of Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after buying an additional 16 shares during the last quarter. Guardian Partners Inc. grew its position in shares of Cummins by 1.0% in the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after buying an additional 16 shares during the last quarter. Nicolet Advisory Services LLC raised its stake in Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after acquiring an additional 17 shares in the last quarter. Uhlmann Price Securities LLC raised its stake in Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after acquiring an additional 17 shares in the last quarter. Finally, ICW Investment Advisors LLC lifted its position in Cummins by 2.6% in the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after acquiring an additional 18 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Wells Fargo & Company raised their price objective on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Evercore restated an “outperform” rating and set a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Barclays lifted their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Up 1.8%

CMI opened at $642.56 on Tuesday. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The business has a 50 day moving average price of $664.99 and a two-hundred day moving average price of $628.02. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The company has a market cap of $88.45 billion, a PE ratio of 32.83, a P/E/G ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same period in the previous year, the firm posted $6.43 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, research analysts anticipate that Cummins Inc. will post 30.15 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.4%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is presently 40.88%.

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.