Cummins Inc. (CMI) Stake Raised by Meiji Yasuda Asset Management Co Ltd.
Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Cummins Inc. (NYSE:CMI) by 45.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,322 shares of the company’s stock after buying an additional 2,300 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Cummins were worth $1,230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently added to or reduced their stakes in CMI. Carroll Financial Associates Inc. raised its position in shares of Cummins by 13.4% during the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares during the last quarter. Northwest Investment Counselors LLC purchased a new position in shares of Cummins in the third quarter valued at $132,000. Captrust Financial Advisors purchased a new position in shares of Cummins in the second quarter valued at $137,000. Acrospire Investment Management LLC purchased a new position in shares of Cummins in the second quarter valued at $146,000. Finally, First Interstate Bank grew its holdings in shares of Cummins by 2.7% in the second quarter. First Interstate Bank now owns 956 shares of the company’s stock valued at $155,000 after purchasing an additional 25 shares in the last quarter. Hedge funds and other institutional investors own 84.48% of the company’s stock.
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Cummins Inc. (NYSE:CMI) traded up $0.84 during mid-day trading on Wednesday, hitting $160.64. The company had a trading volume of 1,521,900 shares, compared to its average volume of 1,305,637. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.03. The company has a market capitalization of $26,521.61, a P/E ratio of 16.22, a P/E/G ratio of 1.29 and a beta of 1.16. Cummins Inc. has a 12-month low of $134.06 and a 12-month high of $181.79.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, topping the Zacks’ consensus estimate of $2.47 by $0.24. The business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The firm’s revenue was up 26.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.02 earnings per share. analysts predict that Cummins Inc. will post 10.19 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a $1.08 dividend. The ex-dividend date is Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a yield of 2.69%. Cummins’s dividend payout ratio is presently 43.86%.
A number of research analysts recently weighed in on the stock. Jefferies Group LLC reissued a “hold” rating and issued a $165.00 target price (up from $160.00) on shares of Cummins in a report on Wednesday, August 2nd. Stifel Nicolaus reissued a “hold” rating and issued a $168.00 target price (up from $160.00) on shares of Cummins in a report on Tuesday, August 8th. Piper Jaffray Companies reissued a “hold” rating and issued a $159.00 target price on shares of Cummins in a report on Thursday, August 3rd. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $188.00 target price for the company in a report on Monday, October 2nd. Finally, Deutsche Bank AG cut their target price on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $173.96.
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.
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