Cummins Inc. $CMI Shares Sold by Nissay Asset Management Corp Japan

Nissay Asset Management Corp Japan reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 9.8% during the second quarter, Holdings Channel.com reports. The firm owned 28,286 shares of the company’s stock after selling 3,088 shares during the period. Nissay Asset Management Corp Japan’s holdings in Cummins were worth $20,174,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Valmark Advisers Inc. raised its holdings in Cummins by 1.9% during the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after purchasing an additional 16 shares in the last quarter. Guardian Partners Inc. boosted its stake in Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after purchasing an additional 16 shares in the last quarter. Nicolet Advisory Services LLC boosted 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 valued at $619,000 after purchasing an additional 17 shares in the last quarter. Uhlmann Price Securities LLC increased its position in shares of Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after purchasing an additional 17 shares during the period. Finally, ICW Investment Advisors LLC increased its position in shares of Cummins by 2.6% during the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after purchasing an additional 18 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CMI has been the subject of several research analyst reports. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Barclays boosted their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. CICC Research started coverage on shares of Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating for the company. Wells Fargo & Company raised their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Finally, Raymond James Financial lifted their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average price target of $745.64.

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Down 1.6%

Shares of Cummins stock opened at $564.61 on Friday. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76. The firm has a market capitalization of $77.72 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 1.35 and a beta of 1.24. 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 stock’s fifty day moving average is $647.45 and its 200-day moving average is $627.90.

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

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. This is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. 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.