Sumitomo Mitsui Trust Group Inc. Reduces Holdings in Cummins Inc. (NYSE:CMI)

Sumitomo Mitsui Trust Group Inc. reduced its stake in Cummins Inc. (NYSE:CMI) by 0.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 375,939 shares of the company’s stock after selling 3,214 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.27% of Cummins worth $121,725,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Cultivar Capital Inc. acquired a new stake in shares of Cummins during the second quarter worth $28,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins during the 2nd quarter worth about $28,000. Lynx Investment Advisory purchased a new stake in Cummins during the 2nd quarter valued at about $29,000. LRI Investments LLC acquired a new position in shares of Cummins in the first quarter valued at about $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in shares of Cummins in the third quarter worth about $34,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,413 shares of company stock valued at $8,249,879. 0.56% of the stock is owned by company insiders.

Cummins Stock Performance

CMI opened at $366.34 on Thursday. The firm has a market capitalization of $50.25 billion, a PE ratio of 24.20, a PEG ratio of 1.75 and a beta of 0.97. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.21. The firm’s 50-day moving average price is $324.91 and its 200 day moving average price is $300.14.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating 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 business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period in the prior year, the business earned $4.73 earnings per share. The business’s revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts expect that Cummins Inc. will post 20.44 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.99%. Cummins’s payout ratio is 48.08%.

Analysts Set New Price Targets

CMI has been the topic of several research reports. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a report on Wednesday, November 6th. Citigroup raised their target price on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $294.00 to $408.00 in a research report on Wednesday. Truist Financial increased their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Finally, StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $334.33.

Cummins Company Profile

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.