Sterling Capital Management LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI – Free Report) by 15.4% in the 1st quarter, Holdings Channel reports. The institutional investor owned 17,844 shares of the company’s stock after selling 3,257 shares during the period. Sterling Capital Management LLC’s holdings in Cummins were worth $9,600,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of CMI. Nicolet Advisory Services LLC boosted its stake in Cummins by 1.6% in the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after acquiring an additional 17 shares during the last quarter. Uhlmann Price Securities LLC raised its position in shares of Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after acquiring an additional 17 shares during the last quarter. Frank Rimerman Advisors LLC lifted its stake in shares of Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after purchasing an additional 18 shares during the period. Financial Consulate Inc. lifted its stake in shares of Cummins by 16.8% in the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after purchasing an additional 18 shares during the period. Finally, ICW Investment Advisors LLC boosted its position in shares of Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after purchasing an additional 18 shares during the last quarter. 83.46% of the stock is owned by institutional investors.
Cummins Stock Performance
CMI stock opened at $686.26 on Friday. Cummins Inc. has a 1-year low of $322.45 and a 1-year high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The firm has a market cap of $94.70 billion, a PE ratio of 35.61, a P/E/G ratio of 1.78 and a beta of 1.23. The business’s 50-day moving average price is $672.37 and its two-hundred day moving average price is $597.71.
Cummins Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is 41.52%.
Insider Activity
In other news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the sale, the vice president owned 9,447 shares in the company, valued at approximately $6,556,784.82. The trade was a 6.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 13,579 shares of company stock worth $9,377,684. Corporate insiders own 0.30% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts recently commented on the company. Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. UBS Group reaffirmed a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $731.86.
Get Our Latest Research Report on Cummins
About Cummins
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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