Nippon Life Insurance Co. lowered its position in shares of Cummins Inc. (NYSE:CMI) by 3.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,767 shares of the company’s stock after selling 307 shares during the period. Nippon Life Insurance Co.’s holdings in Cummins were worth $1,584,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of CMI. Carroll Financial Associates Inc. increased its position in shares of Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after buying an additional 83 shares during the last quarter. First Interstate Bank increased its position in shares of Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after buying an additional 194 shares during the last quarter. Harbour Capital Advisors LLC bought a new position in shares of Cummins during the first quarter worth about $150,000. First Manhattan Co. increased its position in shares of Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock worth $127,000 after buying an additional 40 shares during the last quarter. Finally, Horrell Capital Management Inc. bought a new position in shares of Cummins during the second quarter worth about $164,000. 80.66% of the stock is currently owned by institutional investors and hedge funds.

Cummins Inc. (NYSE CMI) opened at 152.06 on Tuesday. The company has a market cap of $25.39 billion, a PE ratio of 17.19 and a beta of 1.09. The company has a 50-day moving average of $161.52 and a 200-day moving average of $155.63. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the consensus estimate of $2.58 by $0.05. The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.40 EPS. On average, equities analysts expect that Cummins Inc. will post $7.98 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.84%. This is a positive change from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio (DPR) is currently 48.76%.

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A number of brokerages have issued reports on CMI. Jefferies Group LLC reissued a “hold” rating and set a $165.00 price objective (up from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Stifel Nicolaus reissued a “hold” rating and set a $168.00 price objective (up from $160.00) on shares of Cummins in a research report on Tuesday, August 8th. Piper Jaffray Companies reissued a “hold” rating and set a $159.00 price objective on shares of Cummins in a research report on Thursday, August 3rd. Deutsche Bank AG reduced their price objective on shares of Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a research report on Wednesday, August 2nd. Finally, Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $177.00 price objective on the stock in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $156.21.

In other Cummins news, VP Anant Talaulicar sold 1,650 shares of Cummins stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total value of $259,875.00. Following the transaction, the vice president now owns 13,029 shares in the company, valued at $2,052,067.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Georgia R. Nelson sold 1,086 shares of Cummins stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $156.10, for a total value of $169,524.60. Following the completion of the transaction, the director now owns 16,512 shares in the company, valued at approximately $2,577,523.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,969 shares of company stock worth $10,053,755. Insiders own 0.62% of the company’s stock.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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