Mitsubishi UFJ Trust & Banking Corp Sells 4,119 Shares of Cummins Inc. (NYSE:CMI)

Mitsubishi UFJ Trust & Banking Corp lowered its stake in Cummins Inc. (NYSE:CMI) by 2.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 146,982 shares of the company’s stock after selling 4,119 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Cummins were worth $51,238,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CMI. Global Trust Asset Management LLC grew its holdings in shares of Cummins by 59.6% during 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 during the last quarter. BankPlus Trust Department bought a new stake in shares of Cummins in the fourth quarter worth $26,000. Compass Financial Services Inc bought a new stake in shares of Cummins during the 4th quarter valued at about $27,000. TCTC Holdings LLC purchased a new stake in Cummins during the fourth quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Cummins in the 4th quarter worth $30,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of CMI stock opened at $330.57 on Wednesday. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a fifty day simple moving average of $354.72 and a two-hundred day simple moving average of $348.24. The stock has a market capitalization of $45.45 billion, a price-to-earnings ratio of 11.73, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.14 earnings per share. On average, 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. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.20%. Cummins’s dividend payout ratio (DPR) is 25.84%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. reduced 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. Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Evercore ISI boosted their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Truist Financial increased their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $389.50.

About Cummins

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.