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

Sumitomo Mitsui Trust Holdings Inc. lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 3.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 408,606 shares of the company’s stock after selling 14,163 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Cummins were worth $97,890,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CMI. Vanguard Group Inc. grew its position in shares of Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after buying an additional 2,055,239 shares in the last quarter. Norges Bank acquired a new stake in shares of Cummins during the fourth quarter worth approximately $292,182,000. International Assets Investment Management LLC grew its position in shares of Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after buying an additional 731,697 shares in the last quarter. iA Global Asset Management Inc. acquired a new stake in shares of Cummins during the third quarter worth approximately $71,268,000. Finally, Envestnet Asset Management Inc. grew its position in shares of Cummins by 88.9% during the third quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock worth $133,458,000 after buying an additional 274,927 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

CMI stock opened at $294.58 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The stock has a market capitalization of $40.29 billion, a price-to-earnings ratio of 56.87, a PEG ratio of 2.03 and a beta of 1.04. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24. The stock’s fifty day moving average is $277.85 and its two-hundred day moving average is $247.32.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.52 earnings per share. On average, research analysts predict that Cummins Inc. will post 18.29 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

Insider Activity at Cummins

In related news, Director Daniel William Fisher acquired 562 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were acquired at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the purchase, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the sale, the senior vice president now directly owns 73,741 shares in the company, valued at $19,545,052.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniel William Fisher purchased 562 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was acquired at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders have sold a total of 51,289 shares of company stock worth $13,576,838 over the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CMI shares. Truist Financial started coverage on shares of Cummins in a research report on Thursday, March 14th. They set a “hold” rating and a $303.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Morgan Stanley began coverage on shares of Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective for the company. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Finally, The Goldman Sachs Group lifted their price objective on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $279.70.

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.