Cummins Inc. $CMI Shares Purchased by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. raised its holdings in Cummins Inc. (NYSE:CMI) by 9.5% in the third quarter, Holdings Channel.com reports. The fund owned 24,730 shares of the company’s stock after buying an additional 2,150 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Cummins were worth $12,893,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in CMI. BlackRock Inc. acquired a new position in Cummins during the second quarter worth about $8,204,241,000. Bank of America Corp DE acquired a new stake in shares of Cummins during the 2nd quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp purchased a new stake in shares of Cummins during the 2nd quarter worth approximately $973,198,000. Legal & General Group Plc purchased a new stake in shares of Cummins during the 2nd quarter worth approximately $666,635,000. Finally, Amundi boosted its stake in shares of Cummins by 19.7% during the 2nd quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after acquiring an additional 147,093 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on CMI shares. Wells Fargo & Company lowered their price objective on shares of Cummins from $760.00 to $608.00 and set an “overweight” rating on the stock in a research note on Monday, October 26th. CICC Research initiated coverage on shares of Cummins in a research report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 target price for the company. JPMorgan Chase & Co. reduced their price target on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a report on Wednesday, September 23rd. UBS Group lowered their price target on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. Finally, Truist Financial dropped their price objective on shares of Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $694.24.

Cummins Stock Down 5.7%

Shares of NYSE CMI opened at $472.37 on Thursday. The stock has a market capitalization of $65.03 billion, a PE ratio of 24.14, a P/E/G ratio of 1.32 and a beta of 1.26. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average of $531.57 and a 200-day moving average of $600.85. Cummins Inc. has a 52-week low of $427.50 and a 52-week high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS 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 firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter last year, the business earned $6.43 earnings per share. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s payout ratio is presently 44.97%.

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.30% of the stock is owned by corporate insiders.

About Cummins

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.