State Street Corp Purchases 126,703 Shares of Cummins Inc. (NYSE:CMI)

State Street Corp increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 2.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,300,051 shares of the company's stock after buying an additional 126,703 shares during the period. State Street Corp owned 4.59% of Cummins worth $2,039,894,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CMI. Unison Advisors LLC lifted its position in Cummins by 0.6% during the 2nd quarter. Unison Advisors LLC now owns 10,990 shares of the company's stock worth $3,043,000 after buying an additional 66 shares in the last quarter. Czech National Bank lifted its position in Cummins by 8.7% during the 2nd quarter. Czech National Bank now owns 26,064 shares of the company's stock worth $7,218,000 after buying an additional 2,084 shares in the last quarter. Financial Partners Group LLC lifted its position in Cummins by 7.3% during the 2nd quarter. Financial Partners Group LLC now owns 1,175 shares of the company's stock worth $325,000 after buying an additional 80 shares in the last quarter. Occidental Asset Management LLC lifted its position in Cummins by 4.6% during the 2nd quarter. Occidental Asset Management LLC now owns 12,731 shares of the company's stock worth $3,526,000 after buying an additional 560 shares in the last quarter. Finally, Transform Wealth LLC lifted its position in Cummins by 2.8% during the 2nd quarter. Transform Wealth LLC now owns 35,265 shares of the company's stock worth $9,766,000 after buying an additional 972 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Analysts Set New Price Targets

CMI has been the topic of several research reports. Citigroup upped their price target on shares of Cummins from $375.00 to $415.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th. Jefferies Financial Group upped their target price on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research report on Friday. Robert W. Baird upped their target price on shares of Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Vertical Research downgraded shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. Finally, Truist Financial upped their target price on shares of Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a research report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cummins presently has a consensus rating of "Hold" and a consensus price target of $345.15.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 2,163 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company's stock, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is owned by corporate insiders.

Cummins Stock Up 0.3 %

NYSE CMI traded up $1.03 during trading hours on Friday, reaching $379.60. 752,410 shares of the company's stock were exchanged, compared to its average volume of 519,641. The company's 50-day moving average is $348.47 and its two-hundred day moving average is $310.51. Cummins Inc. has a one year low of $226.52 and a one year high of $382.86. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The company has a market capitalization of $52.07 billion, a price-to-earnings ratio of 25.07, a price-to-earnings-growth ratio of 1.84 and a beta of 0.99.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.29 billion. During the same period in the prior year, the business earned $4.73 EPS. Cummins's revenue for the quarter was up .3% compared to the same quarter last year. On average, analysts forecast that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.92%. Cummins's payout ratio is 48.08%.

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.