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

Mitsubishi UFJ Trust & Banking Corp lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 2.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 73,052 shares of the company’s stock after selling 1,860 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Cummins were worth $37,289,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Thompson Investment Management Inc. purchased a new position in shares of Cummins during the 4th quarter worth approximately $26,000. Holos Integrated Wealth LLC purchased a new position in shares of Cummins during the 4th quarter worth approximately $32,000. Palouse Capital Management Inc. purchased a new position in shares of Cummins during the 4th quarter worth approximately $33,000. Flagship Wealth Advisors LLC purchased a new position in shares of Cummins during the 3rd quarter worth approximately $28,000. Finally, Olistico Wealth LLC purchased a new position in shares of Cummins during the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the transaction, the vice president owned 15,130 shares of the company’s stock, valued at $8,849,990.90. This trade represents a 22.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Earl Newsome sold 1,300 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total transaction of $758,771.00. Following the completion of the transaction, the vice president directly owned 3,389 shares of the company’s stock, valued at $1,978,057.63. This represents a 27.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,195 shares of company stock worth $18,397,489 over the last three months. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CMI. Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the stock a “market perform” rating in a research report on Friday, February 6th. Wells Fargo & Company increased their price objective on shares of Cummins from $630.00 to $693.00 and gave the stock an “overweight” rating in a research report on Monday, April 13th. Citigroup increased their price objective on shares of Cummins from $630.00 to $710.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Finally, Raymond James Financial increased their price objective on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and an average target price of $600.27.

Cummins Stock Performance

Shares of CMI stock opened at $638.95 on Thursday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 52 week low of $284.23 and a 52 week high of $665.13. The stock has a market capitalization of $88.28 billion, a PE ratio of 31.14, a P/E/G ratio of 2.09 and a beta of 1.14. The firm has a 50 day moving average of $579.49 and a two-hundred day moving average of $535.11.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same quarter last year, the company posted $5.16 EPS. The firm’s revenue was up 1.1% compared to the same quarter last year. On average, research analysts predict that Cummins Inc. will post 26.03 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

About Cummins

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.