Nomura Asset Management Co. Ltd. Increases Stock Holdings in Cummins Inc. $CMI

Nomura Asset Management Co. Ltd. lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 26.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 113,648 shares of the company’s stock after buying an additional 24,080 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Cummins were worth $58,012,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CMI. Brighton Jones LLC boosted its stake in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the last quarter. Intech Investment Management LLC increased its stake in shares of Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after purchasing an additional 1,146 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of Cummins by 2.8% in the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after purchasing an additional 1,759 shares during the period. ICW Investment Advisors LLC purchased a new position in Cummins in the second quarter valued at approximately $225,000. Finally, Osterweis Capital Management Inc. purchased a new position in Cummins in the second quarter valued at approximately $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the transaction, the chief accounting officer owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the transaction, the vice president directly owned 8,508 shares of the company’s stock, valued at approximately $5,784,589.20. This represents a 29.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,633 shares of company stock valued at $11,653,357 in the last quarter. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on CMI. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Raymond James Financial lifted their price objective on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Morgan Stanley upped their price objective on shares of Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Finally, Wells Fargo & Company boosted their price target on shares of Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $700.50.

Cummins Stock Performance

NYSE:CMI opened at $646.53 on Monday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08. The firm has a market cap of $89.22 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 1.57 and a beta of 1.24. The business’s fifty day moving average is $623.70 and its 200 day moving average is $570.47.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the previous year, the company posted $5.96 EPS. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 29.4 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s payout ratio is currently 41.52%.

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.