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

Sumitomo Mitsui Trust Holdings Inc. cut its stake in Cummins Inc. (NYSE:CMI) by 7.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 379,153 shares of the company’s stock after selling 31,494 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Cummins were worth $104,999,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of CMI. Norges Bank purchased a new stake in shares of Cummins during the fourth quarter valued at $298,867,000. Price T Rowe Associates Inc. MD grew its stake in Cummins by 8.2% during 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 during the last quarter. SG Americas Securities LLC increased its holdings in shares of Cummins by 1,012.0% in the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after purchasing an additional 179,346 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Cummins by 129.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock worth $71,153,000 after purchasing an additional 167,485 shares during the last quarter. Finally, Swedbank AB acquired a new stake in shares of Cummins during the first quarter worth about $44,489,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of several research reports. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Robert W. Baird boosted their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. increased their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Finally, Citigroup started coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus target price of $295.00.

Insider Transactions at Cummins

In related news, VP Jeffrey T. Wiltrout purchased 282 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $301.65 on Monday. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83. The business’s 50 day moving average is $283.32 and its two-hundred day moving average is $280.93. The company has a market capitalization of $41.26 billion, a P/E ratio of 22.08, a P/E/G ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last announced its 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 business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the company posted $5.18 EPS. Analysts expect that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a $1.82 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.41%. Cummins’s dividend payout ratio (DPR) is 53.29%.

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.