Sumitomo Mitsui DS Asset Management Company Ltd Buys 191 Shares of Cummins Inc. (NYSE:CMI)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,397 shares of the company’s stock after acquiring an additional 191 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Cummins were worth $2,970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Signaturefd LLC raised its position in shares of Cummins by 5.1% during the fourth quarter. Signaturefd LLC now owns 2,964 shares of the company’s stock worth $710,000 after acquiring an additional 144 shares during the last quarter. Verdence Capital Advisors LLC raised its position in shares of Cummins by 4.2% during the fourth quarter. Verdence Capital Advisors LLC now owns 7,883 shares of the company’s stock worth $1,889,000 after acquiring an additional 321 shares during the last quarter. Lindbrook Capital LLC raised its position in shares of Cummins by 12.1% during the fourth quarter. Lindbrook Capital LLC now owns 2,163 shares of the company’s stock worth $518,000 after acquiring an additional 234 shares during the last quarter. abrdn plc raised its position in shares of Cummins by 13.4% during the fourth quarter. abrdn plc now owns 427,287 shares of the company’s stock worth $102,365,000 after acquiring an additional 50,548 shares during the last quarter. Finally, Ipswich Investment Management Co. Inc. raised its position in shares of Cummins by 10.6% during the fourth quarter. Ipswich Investment Management Co. Inc. now owns 6,275 shares of the company’s stock worth $1,503,000 after acquiring an additional 600 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Up 0.8 %

NYSE CMI opened at $292.71 on Wednesday. The company has a market cap of $40.03 billion, a price-to-earnings ratio of 56.51, a P/E/G ratio of 1.96 and a beta of 1.04. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24. The business has a 50 day moving average price of $281.69 and a 200-day moving average price of $249.59. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate 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 company’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.52 EPS. As a group, equities analysts expect that Cummins Inc. will post 18.31 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.30%. Cummins’s payout ratio is 129.73%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel William Fisher bought 562 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were bought at an average cost 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 disclosure for this purchase can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 over the last 90 days. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of analyst reports. Truist Financial began coverage on Cummins in a research report on Thursday, March 14th. They set a “hold” rating and a $303.00 price objective for the company. TD Cowen lifted their target price on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Morgan Stanley began coverage on Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price for the company. JPMorgan Chase & Co. lifted their target price on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Finally, StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Monday. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.