Resona Asset Management Co. Ltd. Has $19.42 Million Stake in Cummins Inc. $CMI

Resona Asset Management Co. Ltd. lessened its position in Cummins Inc. (NYSE:CMI) by 6.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,035 shares of the company’s stock after selling 2,923 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Cummins were worth $19,422,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Cummins in the second quarter valued at approximately $505,941,000. American Century Companies Inc. increased its position in Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after acquiring an additional 528,689 shares during the period. Ontario Teachers Pension Plan Board increased its position in Cummins by 5,158.9% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after acquiring an additional 427,670 shares during the period. Vanguard Group Inc. raised its stake in shares of Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after acquiring an additional 344,680 shares during the last quarter. Finally, Amundi lifted its holdings in shares of Cummins by 48.6% during the second quarter. Amundi now owns 1,030,767 shares of the company’s stock worth $343,699,000 after purchasing an additional 337,074 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at $14,864,384.12. This trade represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 19,330 shares of company stock worth $9,135,364. 0.41% of the stock is currently owned by company insiders.

Cummins Trading Down 2.0%

Shares of CMI stock opened at $571.34 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $587.55. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The stock has a 50 day simple moving average of $520.97 and a two-hundred day simple moving average of $445.46. The company has a market cap of $78.87 billion, a P/E ratio of 29.65, a PEG ratio of 2.00 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $5.86 EPS. Research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CMI shares. Citigroup increased their price objective on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Wells Fargo & Company raised their price objective on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research report on Friday. UBS Group raised Cummins from a “sell” rating to a “neutral” rating in a research note on Tuesday, November 25th. Raymond James Financial raised shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 target price for the company in a research report on Monday, December 22nd. Finally, Barclays boosted their price target on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $520.79.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.