Sumitomo Mitsui Trust Group Inc. Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 385,887 shares of the company's stock after buying an additional 4,302 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.28% of Cummins worth $120,952,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CMI. Norges Bank acquired a new position in shares of Cummins during the fourth quarter worth $499,490,000. GAMMA Investing LLC lifted its position in shares of Cummins by 38,220.5% during the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock worth $373,428,000 after purchasing an additional 1,188,276 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Cummins during the fourth quarter worth $187,082,000. Vanguard Group Inc. lifted its position in shares of Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after purchasing an additional 246,807 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 0.6%

Shares of NYSE:CMI opened at $326.06 on Monday. The stock has a market capitalization of $44.92 billion, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of 1.96 and a beta of 1.04. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company's fifty day moving average is $314.95 and its two-hundred day moving average is $332.40. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The firm's revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $5.08 earnings per share. Equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.23%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Insider Buying and Selling

In other news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on CMI shares. Citigroup reissued a "buy" rating and set a $360.00 target price (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Truist Financial cut their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Wall Street Zen cut shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Finally, Morgan Stanley upped their price target on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Cummins presently has a consensus rating of "Hold" and an average target price of $358.08.

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.

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