Sumitomo Mitsui Trust Group Inc. Sells 3,214 Shares of Cummins Inc. (NYSE:CMI)

Sumitomo Mitsui Trust Group Inc. trimmed its stake in Cummins Inc. (NYSE:CMI - Free Report) by 0.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 375,939 shares of the company's stock after selling 3,214 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.27% of Cummins worth $121,725,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Chicago Capital LLC lifted its stake in shares of Cummins by 0.9% in the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company's stock valued at $1,065,000 after purchasing an additional 30 shares during the period. Equitable Trust Co. boosted its holdings in shares of Cummins by 3.6% during the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company's stock valued at $298,000 after buying an additional 32 shares in the last quarter. Atlantic Edge Private Wealth Management LLC increased its stake in shares of Cummins by 0.7% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company's stock worth $1,488,000 after acquiring an additional 35 shares in the last quarter. EP Wealth Advisors LLC lifted its position in Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company's stock valued at $520,000 after acquiring an additional 35 shares during the period. Finally, Fidelis Capital Partners LLC boosted its stake in Cummins by 3.4% during the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company's stock worth $340,000 after acquiring an additional 38 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Transactions at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Sharon R. Barner sold 162 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company's stock, valued at approximately $7,427,503.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The shares were 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 of the company's stock, 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. In the last 90 days, insiders sold 26,413 shares of company stock worth $8,249,879. 0.56% of the stock is currently owned by company insiders.

Cummins Price Performance

Shares of Cummins stock traded down $3.79 during trading on Thursday, reaching $362.55. 230,331 shares of the stock traded hands, compared to its average volume of 1,483,593. The business has a fifty day simple moving average of $326.20 and a two-hundred day simple moving average of $300.60. Cummins Inc. has a 52-week low of $220.02 and a 52-week high of $370.21. The company has a market capitalization of $49.73 billion, a price-to-earnings ratio of 24.20, a P/E/G ratio of 1.75 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts' consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company's quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $4.73 EPS. Sell-side analysts expect that Cummins Inc. will post 20.44 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.01%. Cummins's payout ratio is currently 48.08%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CMI. Truist Financial raised their target price 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. Evercore ISI raised Cummins from an "in-line" rating to an "outperform" rating and increased their target price for the stock from $294.00 to $408.00 in a research note on Wednesday. Barclays raised their price target on Cummins from $259.00 to $310.00 and gave the company an "equal weight" rating in a report on Monday, August 5th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a research note on Friday, October 11th. Finally, StockNews.com raised shares of Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $334.33.

Cummins 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.