Cummins Inc. $CMI Stake Raised by Alliancebernstein L.P.

Alliancebernstein L.P. lifted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 184,205 shares of the company's stock after purchasing an additional 17,418 shares during the quarter. Alliancebernstein L.P. owned 0.13% of Cummins worth $57,737,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Olde Wealth Management LLC bought a new position in shares of Cummins in the first quarter worth $30,000. Accredited Wealth Management LLC bought a new position in shares of Cummins in the first quarter worth $31,000. Capital A Wealth Management LLC bought a new position in shares of Cummins in the fourth quarter worth $32,000. Opal Wealth Advisors LLC bought a new position in shares of Cummins in the first quarter worth $37,000. Finally, Richardson Financial Services Inc. bought a new position in shares of Cummins in the first quarter worth $39,000. Institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and increased their price target for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Evercore ISI reaffirmed an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Melius Research raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Wells Fargo & Company raised Cummins to an "overweight" rating in a research note on Monday, August 11th. Finally, Barclays raised their target price on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cummins has a consensus rating of "Moderate Buy" and a consensus target price of $389.29.

Cummins Trading Up 1.6%

Shares of NYSE CMI traded up $6.36 during mid-day trading on Thursday, hitting $411.63. 422,095 shares of the company traded hands, compared to its average volume of 865,894. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $413.66. The stock has a market capitalization of $56.72 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 1.91 and a beta of 1.02. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The business has a 50 day moving average of $375.00 and a two-hundred day moving average of $336.77.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the prior year, the business posted $5.26 earnings per share. Cummins's revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins's dividend payout ratio (DPR) is currently 37.61%.

Insider Transactions at Cummins

In related news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the sale, the vice president directly owned 20,738 shares of the company's stock, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares of the company's stock, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,039 shares of company stock worth $10,385,075. 0.41% of the stock is currently owned by company insiders.

Cummins 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.