Alliancebernstein L.P. Purchases 17,418 Shares of Cummins Inc. $CMI

Alliancebernstein L.P. boosted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 10.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 184,205 shares of the company's stock after purchasing an additional 17,418 shares during the period. Alliancebernstein L.P. owned about 0.13% of Cummins worth $57,737,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after buying an additional 321,823 shares during the period. Northern Trust Corp raised its holdings in Cummins by 1.2% during the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company's stock worth $597,170,000 after purchasing an additional 22,202 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Cummins by 6.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company's stock worth $566,856,000 after purchasing an additional 99,009 shares during the period. Raymond James Financial Inc. boosted its stake in shares of Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock valued at $424,414,000 after purchasing an additional 817,384 shares during the last quarter. Finally, Royal Bank of Canada increased its position in shares of Cummins by 3.7% during the fourth quarter. Royal Bank of Canada now owns 1,271,279 shares of the company's stock worth $443,169,000 after buying an additional 44,907 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director directly owned 5,227 shares of the company's stock, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the business's stock in a transaction that occurred on 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 sale, the vice president directly owned 7,693 shares of the company's stock, valued at $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. Insiders sold a total of 26,039 shares of company stock valued at $10,385,075 over the last quarter. 0.41% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CMI. Evercore ISI reissued an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Truist Financial lifted their target price on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Finally, Robert W. Baird lifted their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Cummins currently has an average rating of "Moderate Buy" and an average price target of $389.29.

Cummins Stock Up 0.1%

Shares of NYSE CMI traded up $0.56 during midday trading on Friday, hitting $411.59. 249,426 shares of the stock traded hands, compared to its average volume of 864,982. The company has a market cap of $56.71 billion, a PE ratio of 19.35, a P/E/G ratio of 1.96 and a beta of 1.02. Cummins Inc. has a one year low of $260.02 and a one year high of $413.66. The business has a 50 day moving average price of $376.59 and a two-hundred day moving average price of $337.12. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

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

Cummins Increases Dividend

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

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.