Norinchukin Bank The Increases Stake in Cummins Inc. (NYSE:CMI)

Norinchukin Bank The boosted its position in shares of Cummins Inc. (NYSE:CMI) by 10.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,343 shares of the company’s stock after buying an additional 624 shares during the quarter. Norinchukin Bank The’s holdings in Cummins were worth $2,211,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Global Trust Asset Management LLC raised its stake in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department bought a new position in Cummins during the 4th quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new stake in Cummins in the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. grew its position in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after buying an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC purchased a new position in shares of Cummins during the fourth quarter valued at approximately $28,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $281.37 on Monday. The company has a market capitalization of $38.76 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company’s 50-day moving average is $326.83 and its 200 day moving average is $345.52.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 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 firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the prior year, the company posted $4.14 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.59%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CMI. Morgan Stanley cut their price target on shares of Cummins from $425.00 to $340.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. JPMorgan Chase & Co. cut their target price on shares of Cummins from $375.00 to $308.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. UBS Group downgraded Cummins from a “buy” rating to a “sell” rating and reduced their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Barclays raised their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $346.00.

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.