Sumitomo Mitsui Trust Group Inc. Reduces Stock Position in Cummins Inc. $CMI

Sumitomo Mitsui Trust Group Inc. lessened its stake in Cummins Inc. (NYSE:CMI) by 4.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 346,319 shares of the company’s stock after selling 15,267 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.25% of Cummins worth $186,327,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Thompson Investment Management Inc. purchased a new stake in Cummins in the fourth quarter worth about $26,000. Activest Wealth Management grew its stake in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the period. Wellington Shields Capital Management LLC purchased a new stake in Cummins in the 4th quarter worth approximately $27,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Cummins in the fourth quarter worth $28,000. Finally, Birchwood Financial Partners Inc. bought a new stake in Cummins during the fourth quarter valued at about $28,000. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CMI has been the topic of several research analyst reports. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Raymond James Financial lifted their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Truist Financial increased their target price on Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Finally, Wells Fargo & Company lifted their price target on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average price target of $738.00.

Cummins Stock Performance

Shares of Cummins stock opened at $672.80 on Friday. The company has a market capitalization of $92.84 billion, a PE ratio of 34.91, a P/E/G ratio of 1.63 and a beta of 1.22. The company has a 50-day simple moving average of $678.78 and a two-hundred day simple moving average of $608.87. Cummins Inc. has a one year low of $334.70 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same period last year, the business earned $5.96 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 29.32 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were given a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Insider Buying and Selling at Cummins

In other news, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president owned 8,316 shares in the company, valued at $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Bonnie J. Fetch sold 652 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the transaction, the executive vice president owned 11,679 shares in the company, valued at $8,177,519.01. The trade was a 5.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 13,579 shares of company stock valued at $9,377,684. Insiders own 0.30% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.