Matrix Trust Co Has $1.45 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Matrix Trust Co cut its position in shares of Cummins Inc. (NYSE:CMI) by 1.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,071 shares of the company’s stock after selling 108 shares during the quarter. Matrix Trust Co’s holdings in Cummins were worth $1,454,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after buying an additional 2,055,239 shares in the last quarter. Morgan Stanley lifted its stake in Cummins by 2.7% during the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after purchasing an additional 50,476 shares during the period. Northern Trust Corp lifted its stake in Cummins by 4.0% during the third quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock worth $414,821,000 after purchasing an additional 69,830 shares during the period. Stifel Financial Corp lifted its stake in Cummins by 0.9% during the third quarter. Stifel Financial Corp now owns 1,599,531 shares of the company’s stock worth $365,430,000 after purchasing an additional 13,634 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in Cummins by 28.2% during the third quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock worth $244,710,000 after purchasing an additional 235,372 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other Cummins news, Director Daniel William Fisher bought 562 shares of the stock in a transaction on Tuesday, February 27th. The stock was purchased at an average price of $266.57 per share, with a total value of $149,812.34. Following the acquisition, 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 the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel William Fisher bought 562 shares of the stock in a transaction on Tuesday, February 27th. The shares were acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the acquisition, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders sold a total of 51,289 shares of company stock valued at $13,576,838 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. The Goldman Sachs Group raised their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Evercore ISI raised their price target on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. TD Cowen lifted their target price on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Finally, Truist Financial initiated coverage on shares of Cummins in a research note on Thursday, March 14th. They issued a “hold” rating and a $303.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $279.70.

Cummins Price Performance

Shares of Cummins stock traded down $0.47 during midday trading on Friday, reaching $291.14. The company had a trading volume of 480,216 shares, compared to its average volume of 917,274. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $39.82 billion, a price-to-earnings ratio of 56.20, a price-to-earnings-growth ratio of 1.98 and a beta of 1.04. The stock has a fifty day simple moving average of $283.34 and a 200 day simple moving average of $250.62. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business earned $4.52 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 18.34 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

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.