Sterling Capital Management LLC Has $4.62 Million Position in Cummins Inc. (NYSE:CMI)

Sterling Capital Management LLC raised its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 32.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,242 shares of the company's stock after purchasing an additional 3,217 shares during the period. Sterling Capital Management LLC's holdings in Cummins were worth $4,616,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Global Trust Asset Management LLC raised its position in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department acquired a new position in shares of Cummins during the fourth quarter valued at $26,000. Compass Financial Services Inc acquired a new stake in shares of Cummins in the 4th quarter worth about $27,000. Meeder Asset Management Inc. boosted its stake in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after purchasing an additional 52 shares during the period. Finally, TCTC Holdings LLC bought a new position in Cummins in the 4th quarter worth about $28,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of analyst reports. Citigroup reduced their price target on Cummins from $360.00 to $320.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Evercore ISI boosted their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Truist Financial decreased their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. JPMorgan Chase & Co. dropped their target price on Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Finally, Robert W. Baird lowered their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $346.00.

Cummins Trading Up 0.3 %

CMI stock traded up $0.81 during mid-day trading on Friday, reaching $281.37. 624,084 shares of the stock traded hands, compared to its average volume of 811,363. The stock's fifty day moving average is $328.65 and its 200-day moving average is $345.57. The company has a market cap of $38.76 billion, a P/E ratio of 9.99, a P/E/G ratio of 2.19 and a beta of 1.07. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company's revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the business posted $4.14 EPS. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.59%. Cummins's payout ratio is presently 25.84%.

Cummins Company Profile

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.