Daiwa Securities Group Inc. Increases Stake in Cummins Inc. (NYSE:CMI)

Daiwa Securities Group Inc. lifted its stake in Cummins Inc. (NYSE:CMI) by 2.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,528 shares of the company’s stock after purchasing an additional 453 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Cummins were worth $6,323,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Westfield Capital Management Co. LP increased its holdings in Cummins by 23.2% in the 3rd quarter. Westfield Capital Management Co. LP now owns 23,520 shares of the company’s stock worth $7,616,000 after buying an additional 4,422 shares during the period. SevenBridge Financial Group LLC increased its holdings in Cummins by 7.3% in the 3rd quarter. SevenBridge Financial Group LLC now owns 4,449 shares of the company’s stock worth $1,595,000 after buying an additional 304 shares during the period. Alpha DNA Investment Management LLC acquired a new position in Cummins in the 3rd quarter worth approximately $748,000. Larson Financial Group LLC increased its holdings in Cummins by 11.6% in the 3rd quarter. Larson Financial Group LLC now owns 2,723 shares of the company’s stock worth $882,000 after buying an additional 282 shares during the period. Finally, Swedbank AB increased its holdings in Cummins by 1.5% in the 3rd quarter. Swedbank AB now owns 103,770 shares of the company’s stock worth $33,600,000 after buying an additional 1,553 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 0.7 %

NYSE CMI opened at $375.32 on Tuesday. Cummins Inc. has a 52 week low of $222.04 and a 52 week high of $377.64. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The business’s fifty day simple moving average is $337.27 and its 200-day simple moving average is $305.21. The firm has a market cap of $51.49 billion, a PE ratio of 24.79, a P/E/G ratio of 1.81 and a beta of 0.97.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the company earned $4.73 EPS. As a group, equities analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on CMI shares. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Robert W. Baird raised their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Barclays raised their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $337.67.

Cummins Company 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.