Mitsubishi UFJ Trust & Banking Corp Decreases Stock Holdings in Cummins Inc. $CMI

Mitsubishi UFJ Trust & Banking Corp cut its stake in Cummins Inc. (NYSE:CMI) by 28.6% in the second quarter, Holdings Channel.com reports. The firm owned 84,200 shares of the company’s stock after selling 33,775 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Cummins were worth $27,576,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. National Pension Service grew its holdings in Cummins by 0.7% in the 2nd quarter. National Pension Service now owns 230,658 shares of the company’s stock valued at $75,540,000 after buying an additional 1,570 shares in the last quarter. Ironwood Investment Counsel LLC boosted its position in shares of Cummins by 5.3% during the 2nd quarter. Ironwood Investment Counsel LLC now owns 24,184 shares of the company’s stock valued at $7,920,000 after acquiring an additional 1,207 shares during the last quarter. Advyzon Investment Management LLC grew its holdings in shares of Cummins by 12.5% in the second quarter. Advyzon Investment Management LLC now owns 755 shares of the company’s stock valued at $247,000 after purchasing an additional 84 shares during the period. Vise Technologies Inc. acquired a new stake in Cummins during the second quarter worth about $2,342,000. Finally, Allworth Financial LP raised its stake in Cummins by 482.2% during the second quarter. Allworth Financial LP now owns 32,900 shares of the company’s stock worth $10,775,000 after purchasing an additional 27,249 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In related news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the sale, the chief executive officer owned 42,880 shares in the company, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 38,127 shares of company stock worth $16,993,030. 0.41% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Sanford C. Bernstein reissued a “market perform” rating and set a $475.00 target price on shares of Cummins in a research note on Friday, November 7th. Citigroup upped their price target on Cummins from $500.00 to $530.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Finally, Barclays raised their price objective on Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Ten investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $445.93.

Cummins Trading Down 2.4%

CMI opened at $467.79 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $484.84. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The business has a fifty day simple moving average of $427.20 and a 200-day simple moving average of $373.79. The firm has a market cap of $64.45 billion, a P/E ratio of 21.99, a P/E/G ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same quarter in the prior year, the company earned $5.86 EPS. Cummins’s revenue was down 1.6% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio is currently 41.52%.

About Cummins

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.