Sumitomo Mitsui Trust Holdings Inc. Trims Position in Cummins Inc. (NYSE:CMI)

Sumitomo Mitsui Trust Holdings Inc. lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 3.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 408,606 shares of the company’s stock after selling 14,163 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.29% of Cummins worth $97,890,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares during the last quarter. Norges Bank acquired a new stake in shares of Cummins during the 4th quarter worth about $292,182,000. International Assets Investment Management LLC increased its position in shares of Cummins by 21,025.8% during the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after purchasing an additional 731,697 shares during the last quarter. iA Global Asset Management Inc. acquired a new stake in shares of Cummins during the 3rd quarter worth about $71,268,000. Finally, Envestnet Asset Management Inc. increased its position in shares of Cummins by 88.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock worth $133,458,000 after purchasing an additional 274,927 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CMI shares. Truist Financial started coverage on shares of Cummins in a report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price objective for the company. The Goldman Sachs Group lifted their price objective on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday. Morgan Stanley started 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. Citigroup lifted their price objective on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. Finally, TD Cowen lifted their price objective on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and an average target price of $279.70.

Cummins Stock Down 0.4 %

Shares of NYSE:CMI opened at $294.58 on Wednesday. The company has a market capitalization of $40.29 billion, a PE ratio of 56.87, a P/E/G ratio of 2.03 and a beta of 1.04. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The firm has a 50 day simple moving average of $277.85 and a 200-day simple moving average of $247.32.

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

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a yield of 2.28%. Cummins’s dividend payout ratio (DPR) is 129.73%.

Insider Activity at Cummins

In related news, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were 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 owns 73,741 shares in the company, valued at approximately $19,545,052.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction on 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 transaction, the senior vice president now owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 in the last 90 days. 0.56% of the stock is owned by 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.