Nomura Asset Management Co. Ltd. Has $13.22 Million Stock Position in Cummins Inc. (NYSE:CMI)

Nomura Asset Management Co. Ltd. grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 4.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,826 shares of the company's stock after buying an additional 1,732 shares during the quarter. Nomura Asset Management Co. Ltd.'s holdings in Cummins were worth $13,219,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CMI. Sequoia Financial Advisors LLC grew its stake in shares of Cummins by 11.3% in the second quarter. Sequoia Financial Advisors LLC now owns 2,970 shares of the company's stock valued at $823,000 after buying an additional 302 shares in the last quarter. Great Valley Advisor Group Inc. grew its position in shares of Cummins by 2.0% in the 2nd quarter. Great Valley Advisor Group Inc. now owns 2,752 shares of the company's stock valued at $763,000 after acquiring an additional 55 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in shares of Cummins by 2.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,863 shares of the company's stock worth $1,624,000 after purchasing an additional 140 shares during the last quarter. Triad Wealth Partners LLC bought a new stake in shares of Cummins in the 2nd quarter valued at about $52,000. Finally, Portside Wealth Group LLC lifted its stake in Cummins by 12.7% in the 2nd quarter. Portside Wealth Group LLC now owns 894 shares of the company's stock valued at $248,000 after purchasing an additional 101 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CMI has been the topic of several research analyst reports. JPMorgan Chase & Co. upgraded Cummins from an "underweight" rating to a "neutral" rating and upped their price objective for the company from $355.00 to $420.00 in a research note on Monday. Evercore ISI upgraded Cummins from an "in-line" rating to an "outperform" rating and increased their price target for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Robert W. Baird lifted their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Jefferies Financial Group increased their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Finally, Truist Financial raised their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $352.85.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 2,163 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by insiders.

Cummins Price Performance

Cummins stock traded up $0.42 during mid-day trading on Thursday, reaching $370.57. 537,271 shares of the company were exchanged, compared to its average volume of 1,415,729. The firm has a market cap of $50.84 billion, a PE ratio of 24.55, a PEG ratio of 1.84 and a beta of 0.99. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company has a fifty day simple moving average of $351.60 and a 200-day simple moving average of $312.44. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $387.90.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.96%. Cummins's dividend payout ratio is currently 48.08%.

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.