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

Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Cummins Inc. (NYSE:CMI) by 0.5% during the 1st quarter, HoldingsChannel reports. The fund owned 410,647 shares of the company’s stock after acquiring an additional 2,041 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Cummins were worth $120,997,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CMI. First United Bank & Trust purchased a new stake in shares of Cummins during the 4th quarter worth about $25,000. Private Wealth Management Group LLC acquired a new position in shares of Cummins during the 4th quarter worth $26,000. Silver Oak Securities Incorporated bought a new position in shares of Cummins during the 3rd quarter valued at $28,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Cummins in the 4th quarter valued at $31,000. Finally, Quarry LP boosted its holdings in Cummins by 258.5% in the fourth quarter. Quarry LP now owns 147 shares of the company’s stock worth $35,000 after purchasing an additional 106 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of NYSE CMI opened at $272.13 on Thursday. The firm has a market capitalization of $37.22 billion, a price-to-earnings ratio of 19.92, a PEG ratio of 1.73 and a beta of 0.99. Cummins Inc. has a one year low of $212.80 and a one year high of $304.24. The business has a fifty day simple moving average of $281.44 and a 200 day simple moving average of $269.48. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Sell-side analysts expect that Cummins Inc. will post 18.86 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were issued a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s payout ratio is 49.19%.

Insider Activity

In related news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey T. Wiltrout purchased 282 shares of Cummins stock in a transaction on Friday, May 24th. The stock was purchased at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Robert W. Baird dropped their target price on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. The Goldman Sachs Group lifted their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Finally, TD Cowen upped their price target on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus target price of $287.18.

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.