Mizuho Bank Ltd. Takes Position in Cummins Inc. (NYSE:CMI)

Mizuho Bank Ltd. purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, Holdings Channel reports. The fund purchased 180 shares of the company’s stock, valued at approximately $63,000.

A number of other large investors have also recently bought and sold shares of CMI. Centiva Capital LP bought a new stake in Cummins in the third quarter worth approximately $205,000. Integrated Wealth Concepts LLC boosted its stake in Cummins by 26.3% during the third quarter. Integrated Wealth Concepts LLC now owns 7,653 shares of the company’s stock worth $2,478,000 after acquiring an additional 1,592 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Cummins in the third quarter valued at $17,768,000. Royal London Asset Management Ltd. raised its holdings in shares of Cummins by 2.9% during the third quarter. Royal London Asset Management Ltd. now owns 56,203 shares of the company’s stock valued at $18,198,000 after purchasing an additional 1,575 shares during the period. Finally, State Street Corp grew its stake in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CMI shares. Robert W. Baird raised their price objective on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Barclays raised their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Jefferies Financial Group lifted their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Citigroup dropped their target price on Cummins from $430.00 to $360.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $383.67.

Cummins Trading Down 5.9 %

NYSE CMI opened at $277.82 on Friday. The stock has a market capitalization of $38.19 billion, a price-to-earnings ratio of 9.86, a PEG ratio of 2.19 and a beta of 1.01. The business’s fifty day moving average is $345.89 and its 200-day moving average is $348.27. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90.

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

Cummins Announces Dividend

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 dividend yield of 2.62%. Cummins’s 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.