Mizuho Bank Ltd. Purchases New Position in Cummins Inc. (NYSE:CMI)

Mizuho Bank Ltd. acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 180 shares of the company’s stock, valued at approximately $63,000.

A number of other institutional investors also recently made changes to their positions in the company. Global Trust Asset Management LLC boosted its stake in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department acquired a new position in shares of Cummins in the fourth quarter valued at about $26,000. Compass Financial Services Inc bought a new position in Cummins during the fourth quarter worth about $27,000. Meeder Asset Management Inc. raised its stake in 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 purchasing an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC bought a new stake in Cummins in the 4th quarter valued at about $28,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CMI. JPMorgan Chase & Co. dropped their price target on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research report on Tuesday, March 18th. Robert W. Baird lifted their price objective on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Barclays increased their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Jefferies Financial Group boosted their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $383.67.

Cummins Price Performance

Shares of CMI opened at $277.82 on Friday. The business has a 50-day simple moving average of $345.89 and a two-hundred day simple moving average of $348.27. Cummins Inc. has a 12-month low of $261.51 and a 12-month high of $387.90. The stock has a market cap of $38.19 billion, a PE ratio of 9.86, a PEG ratio of 2.19 and a beta of 1.01. 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 (NYSE:CMI) last issued its quarterly earnings data 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 business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same quarter last year, the business earned $4.14 EPS. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share 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 given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.62%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Cummins 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.