Resona Asset Management Co. Ltd. Invests $14.63 Million in Cummins Inc. (NYSE:CMI)

Resona Asset Management Co. Ltd. bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 41,918 shares of the company’s stock, valued at approximately $14,628,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Centiva Capital LP acquired a new position in shares of Cummins in the 3rd quarter worth $205,000. Wellington Management Group LLP raised its holdings in Cummins by 51.7% during the 3rd quarter. Wellington Management Group LLP now owns 4,289 shares of the company’s stock worth $1,389,000 after buying an additional 1,462 shares during the period. EP Wealth Advisors LLC lifted its stake in Cummins by 80.7% during the third quarter. EP Wealth Advisors LLC now owns 3,390 shares of the company’s stock valued at $1,097,000 after buying an additional 1,514 shares in the last quarter. Zacks Investment Management boosted its holdings in shares of Cummins by 61.6% in the third quarter. Zacks Investment Management now owns 2,375 shares of the company’s stock worth $769,000 after buying an additional 905 shares during the period. Finally, Orion Portfolio Solutions LLC increased its position in shares of Cummins by 7.7% in the third quarter. Orion Portfolio Solutions LLC now owns 10,748 shares of the company’s stock worth $3,480,000 after acquiring an additional 770 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Shares of CMI opened at $277.82 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12 month low of $261.51 and a 12 month high of $387.90. The company’s fifty day moving average is $345.89 and its 200-day moving average is $348.94. The firm has a market cap of $38.19 billion, a price-to-earnings ratio of 9.86, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the company earned $4.14 earnings per share. The business’s revenue was down 1.1% compared to the same quarter last year. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.62%. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Evercore ISI upped their price target on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Barclays lifted their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Truist Financial increased their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Finally, Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $383.67.

About Cummins

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.