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

Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Cummins Inc. (NYSE:CMI) by 3.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 14,316 shares of the company’s stock after purchasing an additional 474 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Cummins were worth $4,635,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Cummins by 8.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after purchasing an additional 604,735 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of Cummins during the second quarter valued at about $68,018,000. SG Americas Securities LLC grew its stake in shares of Cummins by 1,012.0% during the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after buying an additional 179,346 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Cummins in the second quarter worth about $46,607,000. Finally, AXA S.A. boosted its holdings in Cummins by 247.5% during the 2nd quarter. AXA S.A. now owns 229,051 shares of the company’s stock valued at $63,431,000 after acquiring an additional 163,129 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Cummins stock opened at $335.51 on Friday. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $340.82. The stock has a market cap of $45.89 billion, a price-to-earnings ratio of 24.56, a PEG ratio of 1.92 and a beta of 0.98. The stock’s 50 day simple moving average is $312.64 and its two-hundred day simple moving average is $294.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $5.18 earnings per share. As a group, analysts expect that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.17%. Cummins’s payout ratio is 53.29%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Citigroup lifted their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Truist Financial upped their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Raymond James initiated coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Robert W. Baird upped their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $311.55.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’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 completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Cummins Company 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.