Cummins Inc. $CMI Stock: Sumitomo Mitsui Trust Group Inc. Trims Position

Sumitomo Mitsui Trust Group Inc. lowered its position in Cummins Inc. (NYSE:CMI - Free Report) by 5.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 326,406 shares of the company's stock after selling 19,398 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Cummins worth $168,612,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in Cummins during the third quarter worth about $23,781,000. SFE Investment Counsel lifted its stake in Cummins by 2.9% during the third quarter. SFE Investment Counsel now owns 18,766 shares of the company's stock worth $9,694,000 after purchasing an additional 531 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Cummins by 3.2% during the third quarter. ProShare Advisors LLC now owns 21,795 shares of the company's stock worth $11,259,000 after buying an additional 676 shares during the period. Vise Technologies Inc. grew its stake in shares of Cummins by 20.2% in the third quarter. Vise Technologies Inc. now owns 21,845 shares of the company's stock valued at $11,285,000 after buying an additional 3,674 shares in the last quarter. Finally, Summit Global Investments grew its stake in shares of Cummins by 15.9% in the third quarter. Summit Global Investments now owns 4,756 shares of the company's stock valued at $2,457,000 after buying an additional 654 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE:CMI opened at $500.75 on Monday. The firm has a market capitalization of $68.94 billion, a P/E ratio of 25.59, a P/E/G ratio of 1.32 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a 12 month low of $426.79 and a 12 month high of $737.76. The company's fifty day moving average price is $536.75 and its 200 day moving average price is $602.02.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.43 earnings per share. As a group, sell-side analysts predict that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given a dividend of $2.20 per share. The ex-dividend date is Friday, November 20th. This represents a $8.80 annualized dividend and a yield of 1.8%. Cummins's payout ratio is presently 44.97%.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the firm's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares of the company's stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CMI. Sanford C. Bernstein reissued a "market perform" rating and set a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Weiss Ratings downgraded Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, August 31st. JPMorgan Chase & Co. reduced their price target on shares of Cummins from $690.00 to $600.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 23rd. Barclays reduced their price target on shares of Cummins from $760.00 to $675.00 and set an "overweight" rating on the stock in a research report on Monday, October 19th. Finally, Zacks Research cut shares of Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $694.24.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins' product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.

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