Cummins Inc. (NYSE:CMI) Shares Bought by Nomura Asset Management Co. Ltd.

Nomura Asset Management Co. Ltd. boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 40.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 57,412 shares of the company’s stock after acquiring an additional 16,586 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Cummins were worth $20,014,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CMI. Global Trust Asset Management LLC increased its holdings in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares in the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins in the 4th quarter valued at about $26,000. Compass Financial Services Inc acquired a new position in shares of Cummins during the 4th quarter worth approximately $27,000. TCTC Holdings LLC acquired a new position in Cummins during the fourth quarter worth $28,000. Finally, SBI Securities Co. Ltd. purchased a new position in Cummins in the 4th quarter valued at about $30,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of CMI stock opened at $313.45 on Friday. The firm has a 50 day moving average of $352.17 and a two-hundred day moving average of $348.41. The stock has a market capitalization of $43.09 billion, a PE ratio of 11.13, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $4.14 EPS. On average, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.32%. Cummins’s payout ratio is 25.84%.

Wall Street Analyst Weigh In

CMI has been the topic of several research reports. Evercore ISI raised their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Robert W. Baird raised their price objective on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. dropped their target price on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Jefferies Financial Group upped their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $389.50.

Cummins Profile

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.