Cummins Inc. $CMI Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 5.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 326,406 shares of the company’s stock after selling 19,398 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Cummins were worth $168,612,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in Cummins during the second quarter worth about $8,204,241,000. Bank of America Corp DE acquired a new stake in shares of Cummins in the second quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp purchased a new position in shares of Cummins during the 2nd quarter worth approximately $973,198,000. Legal & General Group Plc purchased a new position in shares of Cummins during the 2nd quarter worth approximately $666,635,000. Finally, Vontobel Holding Ltd. raised its position in shares of Cummins by 1,436.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company’s stock worth $302,025,000 after purchasing an additional 546,613 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CMI. Bank of America lowered their target price on Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. UBS Group reduced their price objective on Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Finally, JPMorgan Chase & Co. dropped their price objective on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research report on Wednesday, September 23rd. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $694.24.

Insider Activity at Cummins

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by insiders.

Cummins Trading Up 0.1%

NYSE CMI opened at $500.75 on Monday. The company has a market cap of $68.94 billion, a P/E ratio of 25.59, a P/E/G ratio of 1.32 and a beta of 1.24. Cummins Inc. has a 12 month low of $426.79 and a 12 month high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The company has a 50-day moving average of $536.75 and a 200-day moving average of $602.02.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter in the previous year, the firm posted $6.43 earnings per share. Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio is presently 44.97%.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.