Sterling Capital Management LLC Has $9.60 Million Position in Cummins Inc. $CMI

Sterling Capital Management LLC lessened its holdings in Cummins Inc. (NYSE:CMI) by 15.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,844 shares of the company’s stock after selling 3,257 shares during the quarter. Sterling Capital Management LLC’s holdings in Cummins were worth $9,600,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Brighton Jones LLC boosted its position in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares in the last quarter. Intech Investment Management LLC raised its position in Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after purchasing an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina raised its position in Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after purchasing an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC bought a new position in Cummins during the second quarter worth about $225,000. Finally, Osterweis Capital Management Inc. acquired a new stake in Cummins during the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CMI. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Wells Fargo & Company upped their price target on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Barclays increased their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Finally, UBS Group restated a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average price target of $731.86.

Insider Buying and Selling at Cummins

In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the sale, the chief accounting officer owned 14,084 shares of the company’s stock, valued at $9,652,328.56. This represents a 14.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. The trade was a 8.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock worth $9,377,684 over the last quarter. Corporate insiders own 0.30% of the company’s stock.

Cummins Stock Down 5.7%

Shares of CMI opened at $686.26 on Friday. The company has a market capitalization of $94.70 billion, a P/E ratio of 35.61, a PEG ratio of 1.78 and a beta of 1.23. Cummins Inc. has a one year low of $322.45 and a one year high of $737.76. The business’s 50 day simple moving average is $672.37 and its 200-day simple moving average is $597.71. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same period last year, the firm posted $5.96 EPS. The business’s revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is currently 41.52%.

Cummins Profile

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.