Sumitomo Mitsui Financial Group Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 3.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 13,613 shares of the company’s stock after selling 512 shares during the period. Sumitomo Mitsui Financial Group Inc.’s holdings in Cummins were worth $1,988,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Artemis Investment Management LLP boosted its holdings in Cummins by 17.2% in the 3rd quarter. Artemis Investment Management LLP now owns 199,000 shares of the company’s stock worth $29,069,000 after buying an additional 29,200 shares during the period. FTB Advisors Inc. boosted its holdings in Cummins by 12.5% in the 3rd quarter. FTB Advisors Inc. now owns 23,763 shares of the company’s stock worth $3,470,000 after buying an additional 2,634 shares during the period. Alliancebernstein L.P. boosted its holdings in Cummins by 31.1% in the 3rd quarter. Alliancebernstein L.P. now owns 356,981 shares of the company’s stock worth $52,144,000 after buying an additional 84,625 shares during the period. Keybank National Association OH boosted its holdings in Cummins by 12.4% in the 3rd quarter. Keybank National Association OH now owns 35,097 shares of the company’s stock worth $5,127,000 after buying an additional 3,867 shares during the period. Finally, National Asset Management Inc. boosted its holdings in Cummins by 41.5% in the 3rd quarter. National Asset Management Inc. now owns 2,440 shares of the company’s stock worth $357,000 after buying an additional 716 shares during the period. 82.51% of the stock is owned by institutional investors.

Shares of NYSE CMI opened at $147.23 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 1.54. The stock has a market cap of $23.62 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 0.80 and a beta of 1.16. Cummins Inc. has a 12-month low of $124.72 and a 12-month high of $194.18.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, October 30th. The company reported $4.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.76 by $0.29. The firm had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.96 billion. Cummins had a net margin of 5.57% and a return on equity of 29.17%. The business’s revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.71 EPS. As a group, sell-side analysts expect that Cummins Inc. will post 15.34 EPS for the current year.

Cummins announced that its board has authorized a share buyback program on Tuesday, October 9th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 8.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th will be given a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Wednesday, November 14th. Cummins’s dividend payout ratio is 42.94%.

In related news, insider Jill E. Cook sold 5,307 shares of the stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $150.00, for a total value of $796,050.00. Following the sale, the insider now directly owns 14,985 shares of the company’s stock, valued at approximately $2,247,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alexis M. Herman sold 775 shares of the stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $143.64, for a total transaction of $111,321.00. Following the completion of the sale, the director now directly owns 30,069 shares in the company, valued at $4,319,111.16. The disclosure for this sale can be found here. Insiders have sold a total of 27,090 shares of company stock worth $4,062,754 over the last 90 days. Corporate insiders own 0.67% of the company’s stock.

Several analysts have commented on CMI shares. Oppenheimer decreased their price target on shares of Cummins from $168.00 to $192.00 and set an “outperform” rating on the stock in a research note on Monday, July 23rd. Stifel Nicolaus boosted their price target on shares of Cummins from $160.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Wells Fargo & Co set a $158.00 price target on shares of Cummins and gave the stock a “hold” rating in a research note on Wednesday, August 1st. Credit Suisse Group decreased their price target on shares of Cummins from $175.00 to $171.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 1st. Finally, Bank of America boosted their price target on shares of Cummins from $154.00 to $157.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 1st. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $163.70.

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Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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