Mitsubishi UFJ Asset Management Co. Ltd. Makes New Investment in Cummins Inc. $CMI

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 348,555 shares of the company’s stock, valued at approximately $248,373,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.25% of Cummins at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. Activest Wealth Management raised its position in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the period. Cedar Mountain Advisors LLC grew its stake in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after buying an additional 45 shares in the last quarter. Persistent Asset Partners Ltd acquired a new stake in shares of Cummins in the second quarter valued at $26,000. Wellington Shields Capital Management LLC purchased a new stake in shares of Cummins in the 4th quarter valued at $27,000. Finally, Key Financial Inc boosted its holdings in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after acquiring an additional 20 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 1.8%

Shares of NYSE:CMI opened at $642.56 on Tuesday. The firm’s 50 day moving average price is $664.99 and its 200 day moving average price is $628.02. The stock has a market cap of $88.45 billion, a price-to-earnings ratio of 32.83, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same quarter last year, the firm earned $6.43 EPS. The company’s revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. Cummins’s dividend payout ratio is presently 40.88%.

Analyst Ratings Changes

Several analysts have recently issued reports on CMI shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Monday, August 3rd. UBS Group reduced their target price on shares of Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 target price on shares of Cummins in a report on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $745.64.

About Cummins

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.