839 Shares in Cummins Inc. (NYSE:CMI) Bought by AlphaCore Capital LLC

AlphaCore Capital LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 839 shares of the company's stock, valued at approximately $292,000.

Other hedge funds have also made changes to their positions in the company. Norges Bank bought a new stake in Cummins during the fourth quarter worth approximately $499,490,000. Raymond James Financial Inc. bought a new stake in Cummins during the fourth quarter worth approximately $187,082,000. Vanguard Group Inc. boosted its holdings in Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after buying an additional 250,650 shares in the last quarter. Northern Trust Corp boosted its holdings in Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after buying an additional 246,807 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in Cummins by 57.0% during the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after buying an additional 233,694 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Down 0.5%

Shares of NYSE:CMI traded down $1.77 during trading on Friday, reaching $323.09. 210,301 shares of the company traded hands, compared to its average volume of 800,175. The firm has a fifty day simple moving average of $304.10 and a 200 day simple moving average of $340.18. The firm has a market cap of $44.51 billion, a P/E ratio of 11.47, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the previous year, the business earned $5.08 EPS. Cummins's quarterly revenue was down 2.7% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, May 23rd. Cummins's payout ratio is presently 36.22%.

Insider Activity at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CMI has been the subject of a number of research reports. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and raised their target price for the stock from $410.00 to $431.00 in a report on Tuesday. Truist Financial reduced their target price 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. raised their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Wall Street Zen lowered shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Finally, Barclays raised their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $357.25.

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.