Daiwa Securities Group Inc. Grows Position in Cummins Inc. (NYSE:CMI)

Daiwa Securities Group Inc. boosted its holdings in Cummins Inc. (NYSE:CMI) by 2.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,528 shares of the company’s stock after purchasing an additional 453 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Cummins were worth $6,323,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. LRI Investments LLC acquired a new position in Cummins in the first quarter valued at approximately $35,000. Ascent Group LLC acquired a new position in Cummins in the first quarter valued at approximately $353,000. Waverly Advisors LLC boosted its holdings in Cummins by 66.8% in the first quarter. Waverly Advisors LLC now owns 4,454 shares of the company’s stock valued at $1,312,000 after purchasing an additional 1,784 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Cummins by 15.8% in the first quarter. Janus Henderson Group PLC now owns 80,727 shares of the company’s stock valued at $23,770,000 after purchasing an additional 11,033 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in Cummins by 15.4% in the first quarter. B. Riley Wealth Advisors Inc. now owns 7,254 shares of the company’s stock valued at $2,137,000 after purchasing an additional 966 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 0.7 %

NYSE:CMI opened at $375.32 on Tuesday. The stock has a fifty day moving average price of $337.27 and a two-hundred day moving average price of $305.21. The stock has a market capitalization of $51.49 billion, a price-to-earnings ratio of 24.79, a PEG ratio of 1.81 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a 1 year low of $222.04 and a 1 year high of $377.64.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter last year, the business posted $4.73 earnings per share. The business’s revenue for the quarter was up .3% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

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 $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 over the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CMI shares. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Truist Financial increased their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Citigroup increased their price objective on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Cummins has an average rating of “Hold” and an average price target of $337.67.

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.