Dai Ichi Life Insurance Company Ltd Reduces Position in Cummins Inc. (CMI)
Dai Ichi Life Insurance Company Ltd decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 12.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,907 shares of the company’s stock after selling 3,822 shares during the quarter. Dai Ichi Life Insurance Company Ltd’s holdings in Cummins were worth $3,579,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Gables Capital Management Inc. acquired a new stake in Cummins during the first quarter worth about $115,000. Centaurus Financial Inc. acquired a new stake in Cummins during the first quarter worth about $115,000. Migdal Insurance & Financial Holdings Ltd. raised its stake in Cummins by 5,873.3% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock worth $119,000 after acquiring an additional 881 shares during the period. McKinley Carter Wealth Services Inc. acquired a new stake in Cummins during the first quarter worth about $146,000. Finally, Signaturefd LLC acquired a new stake in Cummins during the first quarter worth about $159,000. Hedge funds and other institutional investors own 79.25% of the company’s stock.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, July 4th. Bank of America increased their price objective on shares of Cummins from $154.00 to $157.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 1st. Argus dropped their price objective on shares of Cummins to $175.00 and set a “buy” rating on the stock in a research note on Friday, May 11th. They noted that the move was a valuation call. Citigroup dropped their price objective on shares of Cummins from $160.00 to $150.00 and set a “neutral” rating on the stock in a research note on Monday, June 25th. Finally, Mizuho assumed coverage on shares of Cummins in a research note on Friday, June 29th. They issued a “neutral” rating and a $150.00 price target on the stock. Four research analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $165.86.
Shares of NYSE:CMI opened at $139.99 on Wednesday. Cummins Inc. has a 52 week low of $129.90 and a 52 week high of $194.18. The company has a market capitalization of $23.36 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 0.82 and a beta of 1.15. The company has a current ratio of 1.61, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, July 31st. The company reported $3.32 EPS for the quarter, missing the Zacks’ consensus estimate of $3.63 by ($0.31). Cummins had a net margin of 4.67% and a return on equity of 26.30%. The company had revenue of $6.13 billion for the quarter, compared to analyst estimates of $5.81 billion. During the same quarter in the prior year, the business earned $2.53 EPS. Cummins’s revenue was up 20.8% compared to the same quarter last year. sell-side analysts predict that Cummins Inc. will post 14.94 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Wednesday, August 22nd were paid a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend was Tuesday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $1.08. Cummins’s dividend payout ratio (DPR) is currently 42.94%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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