Cummins Inc. $CMI Shares Sold by Sumitomo Mitsui Trust Group Inc.

by · The Cerbat Gem

Sumitomo Mitsui Trust Group Inc. cut its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 372,326 shares of the company’s stock after selling 6,637 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.27% of Cummins worth $157,259,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. First Horizon Corp acquired a new stake in shares of Cummins during the third quarter valued at $8,343,000. MGO One Seven LLC boosted its position in Cummins by 321.2% during the third quarter. MGO One Seven LLC now owns 13,467 shares of the company’s stock worth $5,688,000 after acquiring an additional 10,270 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in shares of Cummins by 2.1% during the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after purchasing an additional 2,305 shares during the last quarter. Atlantic Edge Private Wealth Management LLC increased its stake in Cummins by 1.8% in the third quarter. Atlantic Edge Private Wealth Management LLC now owns 5,557 shares of the company’s stock valued at $2,347,000 after purchasing an additional 96 shares during the last quarter. Finally, Citizens & Northern Corp purchased a new stake in Cummins in the 3rd quarter valued at about $253,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $562.23 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The stock has a market capitalization of $77.61 billion, a price-to-earnings ratio of 29.18, a PEG ratio of 1.93 and a beta of 1.12. Cummins Inc. has a one year low of $260.02 and a one year high of $562.80. The company’s 50-day simple moving average is $501.02 and its 200-day simple moving average is $430.78.

Cummins (NYSE:CMI – Get Free Report) last issued its earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping the consensus estimate of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The business’s revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the firm earned $5.86 EPS. Equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Citigroup reiterated a “buy” rating on shares of Cummins in a report on Tuesday. Argus raised their price target on shares of Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Sanford C. Bernstein restated a “market perform” rating and set a $475.00 price objective on shares of Cummins in a research note on Friday, November 7th. Finally, Raymond James Financial upgraded Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 target price on the stock in a report on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $492.75.

Check Out Our Latest Analysis on CMI

Insider Buying and Selling at Cummins

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the sale, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the sale, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. The trade was a 9.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 19,330 shares of company stock worth $9,135,364 over the last ninety days. Company insiders own 0.41% of the company’s stock.

Cummins Company Profile

(Free Report)

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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