Sumitomo Mitsui Trust Holdings Inc. Sells 14,163 Shares of Cummins Inc. (NYSE:CMI)

Sumitomo Mitsui Trust Holdings Inc. lowered its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 408,606 shares of the company's stock after selling 14,163 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.29% of Cummins worth $97,890,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Synovus Financial Corp lifted its position in shares of Cummins by 254.4% during the 1st quarter. Synovus Financial Corp now owns 6,099 shares of the company's stock valued at $1,242,000 after acquiring an additional 4,378 shares during the period. Cibc World Market Inc. raised its holdings in Cummins by 65.4% in the 1st quarter. Cibc World Market Inc. now owns 18,194 shares of the company's stock valued at $3,732,000 after acquiring an additional 7,191 shares during the last quarter. Sei Investments Co. raised its holdings in Cummins by 16.1% in the 1st quarter. Sei Investments Co. now owns 94,391 shares of the company's stock valued at $19,282,000 after acquiring an additional 13,058 shares during the last quarter. Prudential PLC acquired a new position in Cummins in the 1st quarter valued at $711,000. Finally, Cetera Investment Advisers raised its holdings in Cummins by 43.0% in the 1st quarter. Cetera Investment Advisers now owns 6,403 shares of the company's stock valued at $1,313,000 after acquiring an additional 1,925 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Performance

CMI stock traded down $3.22 on Wednesday, reaching $291.36. The company's stock had a trading volume of 757,180 shares, compared to its average volume of 2,845,953. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24. The company has a market capitalization of $39.85 billion, a P/E ratio of 56.25, a price-to-earnings-growth ratio of 2.02 and a beta of 1.04. The firm has a fifty day moving average of $278.71 and a two-hundred day moving average of $247.63. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business posted $4.52 earnings per share. As a group, analysts predict that Cummins Inc. will post 18.29 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.31%. Cummins's dividend payout ratio (DPR) is presently 129.73%.

Insider Activity

In related news, Director Daniel William Fisher acquired 562 shares of the business's stock in a transaction dated Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the transaction, the director now owns 1,068 shares of the company's stock, valued at $284,696.76. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In other Cummins news, Director Daniel William Fisher bought 562 shares of Cummins stock in a transaction dated Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the acquisition, the director now directly owns 1,068 shares of the company's stock, valued at $284,696.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now owns 16,899 shares of the company's stock, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,289 shares of company stock worth $13,576,838. Insiders own 0.56% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. UBS Group raised shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Evercore ISI upped their price target on shares of Cummins from $231.00 to $244.00 and gave the stock an "in-line" rating in a research report on Tuesday, February 20th. The Goldman Sachs Group upped their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a "neutral" rating in a research report on Tuesday. TheStreet cut shares of Cummins from an "a-" rating to a "c+" rating in a research report on Tuesday, February 6th. Finally, Morgan Stanley began coverage on shares of Cummins in a research report on Monday, January 8th. They set an "overweight" rating and a $278.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $279.70.

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.