Resona Asset Management Co. Ltd. Has $19.42 Million Holdings in Cummins Inc. $CMI

Resona Asset Management Co. Ltd. decreased its position in Cummins Inc. (NYSE:CMI) by 6.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,035 shares of the company’s stock after selling 2,923 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Cummins were worth $19,422,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares during the period. State Street Corp lifted its holdings in shares of Cummins by 1.4% during the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after buying an additional 92,073 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cummins by 1.3% during the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after buying an additional 43,720 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Cummins by 4.5% in the second quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock valued at $1,072,578,000 after acquiring an additional 142,058 shares during the period. Finally, Norges Bank acquired a new position in shares of Cummins in the second quarter valued at about $505,941,000. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of several analyst reports. Argus lifted their price objective on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Truist Financial lifted their price target on shares of Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Raymond James Financial raised Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price objective for the company in a report on Monday, December 22nd. Finally, Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 30th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $520.79.

Cummins Stock Down 2.0%

NYSE CMI opened at $571.34 on Friday. The business has a fifty day moving average price of $520.97 and a two-hundred day moving average price of $445.46. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $587.55. The stock has a market capitalization of $78.87 billion, a PE ratio of 29.65, a PEG ratio of 2.00 and a beta of 1.12.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The company had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same quarter last year, the company posted $5.86 EPS. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. Equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This trade represents a 9.63% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 19,330 shares of company stock worth $9,135,364 over the last 90 days. Insiders own 0.41% of the company’s stock.

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.