Cummins Inc. $CMI Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in shares of Cummins Inc. (NYSE:CMI) by 4.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 346,319 shares of the company’s stock after selling 15,267 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Cummins were worth $186,327,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of CMI. Thompson Investment Management Inc. purchased a new stake in Cummins in the 4th quarter worth $26,000. Activest Wealth Management lifted its stake in Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in Cummins during the fourth quarter worth $27,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Cummins in the 4th quarter valued at approximately $28,000. Finally, Birchwood Financial Partners Inc. acquired a new stake in Cummins during the fourth quarter worth $28,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research analyst reports. UBS Group reissued a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Morgan Stanley raised their price objective on shares of Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Raymond James Financial boosted their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Robert W. Baird set a $700.00 target price on shares of Cummins in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. raised their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $738.00.

Insider Buying and Selling at Cummins

In other news, VP Donald G. Jackson sold 730 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the sale, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. This trade represents a 14.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Up 0.5%

Shares of NYSE:CMI opened at $672.80 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a 1-year low of $334.70 and a 1-year high of $737.76. The firm has a fifty day moving average price of $678.78 and a 200 day moving average price of $608.87. The stock has a market cap of $92.84 billion, a P/E ratio of 34.91, a P/E/G ratio of 1.63 and a beta of 1.22.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.96 EPS. Sell-side analysts predict that Cummins Inc. will post 29.32 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s payout ratio is 41.52%.

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.