Cummins Inc. (NYSE: CMI) is a global manufacturer of engines, power systems, and related technologies serving industrial, transportation, and energy markets. Shares recently traded around $510 per share, giving the company a market value of roughly $70.4 billion.
Once known primarily for diesel engines, Cummins has expanded across power generation, components, and alternative power technologies. Reviewing who owns Cummins and how insiders have been trading helps show how large investors are currently approaching the stock.
Who Are Cummins’ Top Shareholders?
Cummins’ shareholder base is led by large institutional investors. These firms tend to hold through market cycles, which can help keep long term ownership relatively stable. Recent activity shows mostly incremental adjustments rather than broad repositioning.
- The Vanguard Group: 17,589,059 shares (12.74%), ~$8.97B value. Added 18,637 shares (+0.11%).
- BlackRock Institutional Trust Company: 7,251,560 shares (5.25%), ~$3.70B value. Cut 34,379 shares (0.47%).
- State Street Investment Management: 6,460,224 shares (4.68%), ~$3.30B value. Cut 78,967 shares (1.21%).
- Geode Capital Management: 3,549,180 shares (2.57%), ~$1.81B value. Added 49,940 shares (+1.43%).
- Fisher Investments: 3,367,001 shares (2.44%), ~$1.72B value. Added 91,956 shares (+2.81%).
- Fidelity Management & Research: 3,200,816 shares (2.32%), ~$1.63B value. Added 2,194,968 shares (+218.22%).
- Morgan Stanley Smith Barney: 2,310,564 shares (1.67%), ~$1.18B value. Added 77,803 shares (+3.48%).
- Norges Bank Investment Management: 1,544,857 shares (1.12%), ~$788M value. Added 112,010 shares (+7.82%).
- Dimensional Fund Advisors: 1,537,347 shares (1.11%), ~$784M value. Added 7,372 shares (+0.48%).
- First Eagle Investment Management: 1,423,501 shares (1.03%), ~$726M value. Cut 99,547 shares (6.54%).
These holdings show Cummins remains anchored by long term institutional owners, while the mix of modest buying and trimming suggests investors are staying engaged but selective at current valuation levels, and for investors this supports a relatively stable ownership base.
Hedge Fund Highlights
One notable move came from Renaissance Technologies, founded by Jim Simons, which increased its Cummins position by roughly 222%, bringing the stake to about $22M. While still a small allocation within the firm’s broader portfolio, the increase may suggest growing confidence in Cummins’ earnings durability.
Millennium Management, led by Israel Englander, boosted its Cummins exposure by around 208% to roughly $55M. The sharp increase could reflect improving comfort with Cummins’ margin profile, though the position size remains measured.
Hudson Bay Capital Management, founded by Sander Gerber, raised its stake by nearly 79% to approximately $19M. The move appears incremental rather than aggressive, which for investors may point to selective accumulation.
DE Shaw, led by David Shaw, increased its Cummins holdings by about 78% to roughly $69M. Given the firm’s quantitative approach, the added exposure may reflect improving operating signals without indicating outsized conviction.
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Cummins’ Recent Insider Trades
Insider trades can offer context on how executives and directors may be managing personal exposure. Recent filings for Cummins show a mix of small sales and acquisitions, with activity modest relative to the company’s nearly 138M shares outstanding.
- Brett Michael Merritt (Officer): Sold ~$710K and acquired ~$341K on 11/24/25.
- Jennifer W. Rumsey (Officer and Director): Sold ~$1.9M and acquired ~$498K on 11/10/25.
- Mark Andrew Smith (Officer): Sold ~$2.5M and acquired ~$1.9M on 11/5/25.
It appears insider activity is mixed and limited in size, and for investors these transactions do not materially change the broader ownership picture.
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What the Ownership & Insider Trade Data Tell Us
Cummins’ ownership structure remains supported by large institutional investors, helping provide stability through market cycles. Hedge fund activity points to selective accumulation rather than aggressive positioning, while insider trades appear balanced and modest in scale.
Taken together, it appears investors continue to view Cummins as a high quality industrial business with durable earnings power, though positioning across institutions and insiders suggests a measured approach at current price levels.
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