Nomura Asset Management Co. Ltd. Buys 16,586 Shares of Cummins Inc. (NYSE:CMI)

Nomura Asset Management Co. Ltd. grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 40.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 57,412 shares of the company's stock after acquiring an additional 16,586 shares during the period. Nomura Asset Management Co. Ltd.'s holdings in Cummins were worth $20,014,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Global Trust Asset Management LLC lifted its position in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after acquiring an additional 28 shares during the period. BankPlus Trust Department bought a new stake in Cummins in the fourth quarter valued at $26,000. Compass Financial Services Inc acquired a new position in shares of Cummins during the fourth quarter valued at about $27,000. TCTC Holdings LLC bought a new position in shares of Cummins during the 4th quarter worth about $28,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Cummins in the 4th quarter valued at about $30,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CMI. Truist Financial increased their price target on Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Jefferies Financial Group increased 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. JPMorgan Chase & Co. decreased their price target on shares of Cummins from $420.00 to $375.00 and set a "neutral" rating for the company in a research note on Tuesday, March 18th. Evercore ISI raised their price objective on shares of Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Finally, Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and lifted their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $383.67.

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Cummins Stock Down 7.6 %

CMI stock traded down $24.18 during trading on Thursday, reaching $295.81. The stock had a trading volume of 319,222 shares, compared to its average volume of 802,223. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $40.67 billion, a price-to-earnings ratio of 10.50, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90. The company's 50 day moving average is $349.15 and its two-hundred day moving average is $348.80.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins's quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the company posted $4.14 earnings per share. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio is presently 25.84%.

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.