Mitsubishi UFJ Asset Management Co. Ltd. Acquires 8,538 Shares of Cummins Inc. (NYSE:CMI)

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Cummins Inc. (NYSE:CMI) by 3.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 229,595 shares of the company’s stock after purchasing an additional 8,538 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.17% of Cummins worth $81,393,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. DRW Securities LLC purchased a new position in shares of Cummins in the 3rd quarter valued at $303,000. FMR LLC grew its stake in Cummins by 0.8% in the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after purchasing an additional 9,245 shares during the last quarter. Avestar Capital LLC raised its holdings in Cummins by 5.9% in the third quarter. Avestar Capital LLC now owns 956 shares of the company’s stock worth $310,000 after purchasing an additional 53 shares in the last quarter. Townsquare Capital LLC lifted its position in shares of Cummins by 7.3% during the third quarter. Townsquare Capital LLC now owns 3,287 shares of the company’s stock valued at $1,064,000 after buying an additional 223 shares during the last quarter. Finally, Freedom Investment Management Inc. boosted its holdings in shares of Cummins by 405.2% in the 3rd quarter. Freedom Investment Management Inc. now owns 3,663 shares of the company’s stock valued at $1,186,000 after buying an additional 2,938 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE CMI opened at $323.93 on Friday. The company has a 50 day simple moving average of $353.22 and a two-hundred day simple moving average of $347.93. The stock has a market cap of $44.53 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 2.19 and a beta of 1.01. The company has a current ratio of 1.31, a quick ratio of 0.80 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.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.25%. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

CMI has been the subject of several recent analyst reports. Citigroup reduced their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. JPMorgan Chase & Co. decreased their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. Jefferies Financial Group boosted their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Truist Financial increased their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Finally, Evercore ISI boosted their price target on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $389.50.

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.