18,551 Shares in Cummins Inc. $CMI Acquired by Meiji Yasuda Asset Management Co Ltd.

Meiji Yasuda Asset Management Co Ltd. bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 18,551 shares of the company’s stock, valued at approximately $13,231,000.

Several other institutional investors also recently added to or reduced their stakes in CMI. Valmark Advisers Inc. grew its stake in Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after acquiring an additional 16 shares in the last quarter. Guardian Partners Inc. increased its position in shares of Cummins by 1.0% during the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after acquiring an additional 16 shares during the period. Nicolet Advisory Services LLC raised its stake in shares of Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after acquiring an additional 17 shares in the last quarter. Uhlmann Price Securities LLC boosted its holdings in shares of Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after purchasing an additional 17 shares during the period. Finally, ICW Investment Advisors LLC boosted its holdings in shares of Cummins by 2.6% in the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after purchasing an additional 18 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.0%

Shares of NYSE CMI opened at $587.87 on Monday. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76. The stock’s fifty day simple moving average is $660.86 and its two-hundred day simple moving average is $628.55. The stock has a market capitalization of $80.93 billion, a PE ratio of 30.04, a price-to-earnings-growth ratio of 1.40 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter last year, the company earned $6.43 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, analysts expect that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. Cummins’s payout ratio is currently 44.97%.

Wall Street Analysts Forecast Growth

Several research firms have commented on CMI. CICC Research initiated coverage on Cummins in a report on Sunday. They set an “outperform” rating on the stock. Citigroup upped their target price on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Barclays lifted their price objective on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Finally, Robert W. Baird set a $700.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $745.64.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.