Daiichi Life Insurance Co. Ltd. Acquires New Holdings in Cummins Inc. $CMI

Daiichi Life Insurance 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 SEC. The fund bought 7,042 shares of the company’s stock, valued at approximately $5,022,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Valmark Advisers Inc. raised its holdings in shares of Cummins by 1.9% during the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after buying an additional 16 shares during the last quarter. Guardian Partners Inc. boosted 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 buying an additional 16 shares during the period. Nicolet Advisory Services LLC grew its holdings in Cummins by 1.6% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after buying an additional 17 shares in the last quarter. Uhlmann Price Securities LLC increased its position in Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after acquiring an additional 17 shares during the period. Finally, ICW Investment Advisors LLC increased its position in Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after acquiring an additional 18 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $587.87 on Friday. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The stock has a market cap 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’s 50-day moving average price is $660.86 and its two-hundred day moving average price is $628.31.

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

Cummins Increases Dividend

The firm 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 $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.5%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is presently 40.88%.

Analysts Set New Price Targets

A number of research analysts have issued reports on CMI shares. Evercore reiterated an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Morgan Stanley increased their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Finally, Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins 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.