Nissay Asset Management Corp Japan ADV Sells 313 Shares of Cummins Inc. (NYSE:CMI)

Nissay Asset Management Corp Japan ADV decreased its stake in Cummins Inc. (NYSE:CMI) by 1.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,049 shares of the company’s stock after selling 313 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Cummins were worth $5,987,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mariner Investment Group LLC acquired a new position in shares of Cummins during the fourth quarter valued at about $1,046,000. FMR LLC raised its holdings in Cummins by 5.7% in the 4th quarter. FMR LLC now owns 1,242,362 shares of the company’s stock valued at $433,087,000 after acquiring an additional 67,266 shares in the last quarter. Fayez Sarofim & Co lifted its position in shares of Cummins by 72.3% in the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock worth $2,857,000 after acquiring an additional 3,440 shares during the period. National Bank of Canada FI grew its holdings in shares of Cummins by 4.2% during the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock worth $28,359,000 after purchasing an additional 3,298 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Cummins by 4.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock valued at $54,876,000 after purchasing an additional 6,107 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CMI shares. UBS Group cut Cummins from a “buy” rating to a “sell” rating and reduced their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Robert W. Baird reduced their price objective on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Barclays upped their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Evercore ISI raised their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. lifted their price objective on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins has an average rating of “Hold” and a consensus price target of $354.83.

Cummins Stock Performance

NYSE:CMI opened at $332.02 on Friday. The stock has a market capitalization of $45.74 billion, a P/E ratio of 11.79, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The firm has a 50 day moving average of $303.94 and a 200-day moving average of $341.35. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.08 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.19%. The ex-dividend date is Friday, May 23rd. Cummins’s payout ratio is presently 36.22%.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.