Sumitomo Mitsui DS Asset Management Company Ltd Raises Holdings in Cummins Inc. (NYSE:CMI)

Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 12,397 shares of the company’s stock after acquiring an additional 191 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Cummins were worth $2,970,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new stake in Cummins during the 3rd quarter valued at $25,000. Silver Oak Securities Incorporated purchased a new stake in Cummins during the 3rd quarter valued at $28,000. Global Wealth Strategies & Associates purchased a new position in shares of Cummins in the 3rd quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Cummins in the 3rd quarter worth $39,000. Finally, Peoples Bank KS purchased a new position in shares of Cummins in the 3rd quarter worth $43,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was 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 of the company’s stock, valued at $19,545,052.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the sale, the senior vice president now directly owns 73,741 shares in the company, valued at $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 over the last ninety days. 0.56% of the stock is currently owned by company insiders.

Cummins Price Performance

NYSE CMI opened at $292.71 on Wednesday. The company has a market capitalization of $40.03 billion, a PE ratio of 56.51, a price-to-earnings-growth ratio of 1.96 and a beta of 1.04. 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 business’s fifty day moving average is $281.69 and its 200 day moving average is $249.59. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The business had revenue of $8.54 billion for 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%. Cummins’s revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business earned $4.52 earnings per share. Sell-side analysts predict that Cummins Inc. will post 18.31 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.30%. Cummins’s dividend payout ratio is presently 129.73%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CMI. Morgan Stanley began coverage on Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target on the stock. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Monday. JPMorgan Chase & Co. raised their price target on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Evercore ISI raised their price target on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Finally, TD Cowen raised their price target on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $279.70.

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.