Cummins Inc. (NYSE:CMI) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in Cummins Inc. (NYSE:CMI) by 0.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 375,939 shares of the company’s stock after selling 3,214 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Cummins were worth $121,725,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of CMI. Cultivar Capital Inc. purchased a new stake in Cummins during the second quarter worth about $28,000. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins in the second quarter valued at approximately $28,000. Lynx Investment Advisory purchased a new stake in Cummins during the 2nd quarter worth approximately $29,000. LRI Investments LLC acquired a new stake in Cummins during the 1st quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Cummins in the 3rd quarter valued at approximately $34,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock opened at $366.34 on Thursday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $50.25 billion, a P/E ratio of 24.20, a PEG ratio of 1.75 and a beta of 0.97. The business has a 50 day simple moving average of $324.91 and a 200-day simple moving average of $300.14. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.21.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the prior year, the business earned $4.73 EPS. Cummins’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 20.44 EPS for the current year.

Cummins Announces Dividend

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

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent research reports. Truist Financial upped their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Robert W. Baird lifted their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Finally, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus target price of $334.33.

Insiders Place Their Bets

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

Cummins 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.