Cummins Inc. (CMI) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.
Sumitomo Mitsui Trust Holdings Inc. cut its stake in shares of Cummins Inc. (NYSE:CMI) by 1.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 524,129 shares of the company’s stock after selling 8,700 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.32% of Cummins worth $88,069,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Cummins by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock worth $1,884,074,000 after acquiring an additional 298,352 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Cummins by 4.1% in the 2nd quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after acquiring an additional 422,135 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Cummins by 2.9% in the 2nd quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after acquiring an additional 77,116 shares during the last quarter. Boston Partners bought a new stake in shares of Cummins in the 3rd quarter worth approximately $416,229,000. Finally, First Eagle Investment Management LLC lifted its holdings in shares of Cummins by 2.0% in the 3rd quarter. First Eagle Investment Management LLC now owns 1,997,863 shares of the company’s stock worth $335,701,000 after acquiring an additional 39,674 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.
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Shares of Cummins Inc. (CMI) traded up $1.37 during trading on Friday, reaching $167.13. 2,264,200 shares of the company were exchanged, compared to its average volume of 1,289,334. The company has a market cap of $27,690.02, a PE ratio of 16.94, a price-to-earnings-growth ratio of 1.36 and a beta of 1.16. Cummins Inc. has a 52 week low of $134.06 and a 52 week high of $181.79. The company has a current ratio of 1.57, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.47 by $0.24. The company had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. Cummins’s revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.02 EPS. research analysts anticipate that Cummins Inc. will post 10.14 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 2.58%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio is currently 43.86%.
Several research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Royal Bank Of Canada lifted their target price on shares of Cummins from $169.00 to $173.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 2nd. Robert W. Baird reaffirmed a “sell” rating and issued a $153.00 target price on shares of Cummins in a research note on Thursday, October 12th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $165.00 target price on shares of Cummins in a research note on Thursday, September 7th. Finally, ValuEngine downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $173.96.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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