Meiji Yasuda Asset Management Co Ltd. Boosts Holdings in Cummins Inc. (NYSE:CMI)

Meiji Yasuda Asset Management Co Ltd. increased its holdings in Cummins Inc. (NYSE:CMI – Get Rating) by 14.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,700 shares of the company’s stock after purchasing an additional 590 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Cummins were worth $956,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. West Financial Advisors LLC purchased a new position in Cummins in the 3rd quarter worth approximately $26,000. Stonebridge Capital Advisors LLC lifted its holdings in Cummins by 64.0% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 164 shares of the company’s stock worth $33,000 after purchasing an additional 64 shares in the last quarter. Ten Capital Wealth Advisors LLC purchased a new position in Cummins in the 3rd quarter worth approximately $35,000. Castle Wealth Management LLC lifted its holdings in Cummins by 125.0% in the 3rd quarter. Castle Wealth Management LLC now owns 180 shares of the company’s stock worth $37,000 after purchasing an additional 100 shares in the last quarter. Finally, CNB Bank raised its holdings in shares of Cummins by 65.2% during the 2nd quarter. CNB Bank now owns 190 shares of the company’s stock worth $37,000 after acquiring an additional 75 shares in the last quarter. 80.94% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, Director Georgia R. Nelson sold 1,933 shares of the company’s stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $251.64, for a total value of $486,420.12. Following the transaction, the director now owns 21,742 shares of the company’s stock, valued at approximately $5,471,156.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cummins news, Director Georgia R. Nelson sold 1,933 shares of the company’s stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $251.64, for a total value of $486,420.12. Following the transaction, the director now owns 21,742 shares of the company’s stock, valued at approximately $5,471,156.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 5,540 shares of the stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $252.34, for a total value of $1,397,963.60. Following the transaction, the vice president now directly owns 16,144 shares in the company, valued at approximately $4,073,776.96. The disclosure for this sale can be found here. Insiders have sold 16,709 shares of company stock valued at $4,245,545 in the last quarter. 1.05% of the stock is owned by insiders.

Cummins Stock Performance

NYSE:CMI opened at $237.79 on Wednesday. The stock’s fifty day moving average is $248.26 and its 200 day moving average is $237.12. Cummins Inc. has a fifty-two week low of $184.27 and a fifty-two week high of $261.91. The firm has a market capitalization of $33.62 billion, a PE ratio of 15.74, a PEG ratio of 1.40 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.77 and a current ratio of 1.27.

Cummins (NYSE:CMI – Get Rating) last released its quarterly earnings results on Monday, February 6th. The company reported $4.52 earnings per share for the quarter, meeting the consensus estimate of $4.52. The company had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.21 billion. Cummins had a return on equity of 24.58% and a net margin of 7.66%. Cummins’s quarterly revenue was up 32.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.85 EPS. On average, sell-side analysts anticipate that Cummins Inc. will post 18.95 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 9th. Shareholders of record on Friday, February 24th were given a $1.57 dividend. This represents a $6.28 annualized dividend and a yield of 2.64%. The ex-dividend date was Thursday, February 23rd. Cummins’s dividend payout ratio (DPR) is presently 41.56%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Morgan Stanley decreased their price objective on Cummins from $264.00 to $262.00 and set an “equal weight” rating on the stock in a report on Friday, January 20th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Friday, January 20th. Deutsche Bank Aktiengesellschaft decreased their price objective on Cummins from $235.00 to $231.00 and set a “hold” rating on the stock in a report on Tuesday, February 7th. UBS Group upped their price objective on Cummins from $247.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 16th. Finally, Citigroup upped their price objective on Cummins to $270.00 in a report on Tuesday, November 15th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $254.75.

About Cummins

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Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.