41,918 Shares in Cummins Inc. (NYSE:CMI) Bought by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. bought a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 41,918 shares of the company’s stock, valued at approximately $14,628,000.

Several other large investors also recently bought and sold shares of the company. Orion Investment Co increased its stake in shares of Cummins by 0.4% during the 4th quarter. Orion Investment Co now owns 21,912 shares of the company’s stock worth $7,639,000 after purchasing an additional 88 shares in the last quarter. Unison Advisors LLC increased its position in Cummins by 0.5% during the fourth quarter. Unison Advisors LLC now owns 11,109 shares of the company’s stock worth $3,873,000 after buying an additional 52 shares in the last quarter. Pitcairn Co. raised its holdings in shares of Cummins by 3.5% in the fourth quarter. Pitcairn Co. now owns 4,347 shares of the company’s stock worth $1,515,000 after acquiring an additional 146 shares during the last quarter. Motley Fool Asset Management LLC lifted its position in shares of Cummins by 12.3% in the fourth quarter. Motley Fool Asset Management LLC now owns 6,194 shares of the company’s stock valued at $2,159,000 after acquiring an additional 679 shares in the last quarter. Finally, World Investment Advisors acquired a new stake in shares of Cummins during the fourth quarter valued at $309,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CMI shares. Citigroup cut their target price on shares of Cummins from $430.00 to $360.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Truist Financial raised their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. cut their price target on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. Finally, StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $383.67.

Cummins Trading Down 5.9 %

Cummins stock opened at $277.82 on Monday. The firm has a 50-day moving average price of $345.89 and a two-hundred day moving average price of $348.94. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90. The firm has a market capitalization of $38.19 billion, a price-to-earnings ratio of 9.86, a PEG ratio of 2.19 and a beta of 1.01. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.14 EPS. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.62%. Cummins’s payout ratio is 25.84%.

Cummins Company 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.