Daiwa Securities Group Inc. Raises Holdings in Cummins Inc. (NYSE:CMI)

Daiwa Securities Group Inc. raised its stake in shares of Cummins Inc. (NYSE:CMI) by 27.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,075 shares of the company’s stock after acquiring an additional 4,053 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Cummins were worth $5,283,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after buying an additional 604,735 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Cummins by 4.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock valued at $619,982,000 after purchasing an additional 103,018 shares during the last quarter. Ontario Teachers Pension Plan Board grew its stake in Cummins by 3.1% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock worth $342,817,000 after buying an additional 43,090 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its stake in Cummins by 4.8% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock valued at $334,933,000 after buying an additional 64,365 shares during the last quarter. Finally, Norges Bank acquired a new stake in Cummins in the fourth quarter worth about $298,867,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 0.6 %

NYSE CMI opened at $293.36 on Thursday. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83. The company has a market cap of $40.13 billion, a P/E ratio of 21.48, a P/E/G ratio of 1.70 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The business has a fifty day moving average price of $293.64 and a 200 day moving average price of $286.71.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the previous year, the firm posted $5.18 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is currently 53.29%.

Analyst Ratings Changes

CMI has been the topic of a number of recent analyst reports. Citigroup assumed coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. JPMorgan Chase & Co. increased their price target on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Evercore ISI raised their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Truist Financial lifted their price target on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Finally, Raymond James began coverage on shares of Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $299.55.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

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.