Resona Asset Management Co. Ltd. Sells 1,663 Shares of Cummins Inc. $CMI

Resona Asset Management Co. Ltd. reduced its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 3.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 44,372 shares of the company's stock after selling 1,663 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Cummins were worth $22,683,000 at the end of the most recent quarter.3 Picks-and-Shovels Ways to Invest in AI Without Betting on ChipmakersA number of other large investors have also recently modified their holdings of the stock. Thompson Investment Management Inc. bought a new stake in shares of Cummins during the fourth quarter valued at approximately $26,000. Activest Wealth Management boosted its position in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after purchasing an additional 43 shares in the last quarter. Ares Financial Consulting LLC bought a new stake in shares of Cummins during the fourth quarter valued at approximately $29,000. Holos Integrated Wealth LLC bought a new stake in shares of Cummins during the fourth quarter valued at approximately $32,000. Finally, Palouse Capital Management Inc. bought a new stake in shares of Cummins during the fourth quarter valued at approximately $33,000. Institutional investors own 83.46% of the company's stock. Cummins Trading Down 2.8%Shares of NYSE:CMI opened at $658.67 on Wednesday. The company has a market cap of $90.89 billion, a P/E ratio of 34.18, a PEG ratio of 1.71 and a beta of 1.27. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $718.08. The stock's fifty day moving average price is $606.31 and its 200-day moving average price is $558.95. Engines to AI: Cummins’ Surprising Growth DriverCummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts' consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the prior year, the firm earned $5.96 earnings per share. The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts expect that Cummins Inc. will post 28.39 earnings per share for the current year. Cummins Announces DividendThe business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins's dividend payout ratio (DPR) is 41.52%. Insider Transactions at CumminsVenezuelan Tariffs Could Power These 3 Diesel-Driven WinnersIn other Cummins news, VP Donald G. Jackson sold 1,600 shares of Cummins stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the sale, the vice president directly owned 7,214 shares in the company, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the sale, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 22,397 shares of company stock valued at $14,465,833. Company insiders own 0.30% of the company's stock. Analyst Ratings ChangesSeveral equities research analysts recently commented on CMI shares. Robert W. Baird set a $700.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. Truist Financial set a $815.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. Morgan Stanley boosted their price objective on shares of Cummins from $675.00 to $752.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Citigroup boosted their price objective on shares of Cummins from $710.00 to $770.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Finally, Wolfe Research lowered shares of Cummins from an "outperform" rating to a "peer perform" rating and set a $540.00 price objective on the stock. in a research note on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Cummins presently has a consensus rating of "Moderate Buy" and a consensus target price of $677.87.Get Our Latest Research Report on CMICummins Company Profile (Free Report)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.Recommended StoriesFive stocks we like better than CumminsHIVE Weaponizes Power for an AI PivotA Deep Dive Into NVIDIA’s Latest Portfolio MovesBrady Corp Wires Up a Massive AI-Powered BreakoutWhy Home Depot’s Sell-Off Could Become a Huge OpportunityThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. 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