Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stake in Cummins Inc. $CMI

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 290,507 shares of the company’s stock after purchasing an additional 12,549 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.21% of Cummins worth $122,726,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Total Clarity Wealth Management Inc. acquired a new position in Cummins in the third quarter valued at about $251,000. AlphaCore Capital LLC raised its stake in shares of Cummins by 19.0% in the 3rd quarter. AlphaCore Capital LLC now owns 1,148 shares of the company’s stock valued at $485,000 after acquiring an additional 183 shares during the period. Intech Investment Management LLC raised its stake in shares of Cummins by 23.6% in the 3rd quarter. Intech Investment Management LLC now owns 5,426 shares of the company’s stock valued at $2,292,000 after acquiring an additional 1,037 shares during the period. Robotti Robert acquired a new position in shares of Cummins in the 3rd quarter worth approximately $232,000. Finally, Catalyst Financial Partners LLC lifted its holdings in shares of Cummins by 68.4% in the 3rd quarter. Catalyst Financial Partners LLC now owns 1,327 shares of the company’s stock worth $560,000 after acquiring an additional 539 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Morgan Stanley reissued an “overweight” rating and issued a $675.00 target price on shares of Cummins in a research report on Friday, February 6th. Truist Financial reiterated a “buy” rating and issued a $703.00 price objective (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price on the stock. in a research note on Monday, January 26th. JPMorgan Chase & Co. lifted their target price on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Finally, Citigroup increased their price target on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Insiders Place Their Bets

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the transaction, the vice president directly owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Earl Newsome sold 1,300 shares of the business’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the transaction, the vice president owned 3,389 shares in the company, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 27,141 shares of company stock valued at $16,121,817. 0.41% of the stock is owned by insiders.

Cummins Stock Down 1.1%

CMI stock opened at $587.60 on Friday. The company’s 50 day moving average price is $564.97 and its 200 day moving average price is $483.15. The firm has a market capitalization of $81.19 billion, a price-to-earnings ratio of 28.64, a PEG ratio of 1.88 and a beta of 1.13. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The company had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.Cummins’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the firm earned $5.16 earnings per share. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be paid a $2.00 dividend. The ex-dividend date is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.4%. Cummins’s payout ratio is currently 38.99%.

Cummins Company 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.