Asahi Life Asset Management CO. LTD. Buys New Shares in Cummins Inc. (NYSE:CMI)

Asahi Life Asset Management CO. LTD. purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 1,400 shares of the company’s stock, valued at approximately $453,000.

Several other large investors have also recently added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins during the 2nd quarter worth approximately $28,000. Cultivar Capital Inc. bought a new stake in Cummins in the 2nd quarter valued at $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins in the 2nd quarter valued at $29,000. LRI Investments LLC bought a new position in shares of Cummins during the 1st quarter worth about $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in shares of Cummins during the 3rd quarter valued at about $34,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI stock traded up $2.39 during trading hours on Monday, reaching $331.56. 59,101 shares of the company were exchanged, compared to its average volume of 1,532,249. The stock’s fifty day moving average is $316.25 and its two-hundred day moving average is $295.94. The company has a market cap of $45.35 billion, a price-to-earnings ratio of 24.10, a P/E/G ratio of 1.92 and a beta of 0.98. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $340.82. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same quarter last year, the firm earned $5.18 EPS. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.20%. Cummins’s dividend payout ratio is 53.29%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Barclays increased their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Citigroup raised their target price on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their price target on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Evercore ISI increased their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Finally, Robert W. Baird boosted their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $311.55.

Insiders Place Their Bets

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The stock was 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 owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. 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.