Alps Advisors Inc. Acquires 1,140 Shares of Cummins Inc. (NYSE:CMI)

Alps Advisors Inc. boosted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 32.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,662 shares of the company's stock after buying an additional 1,140 shares during the period. Alps Advisors Inc.'s holdings in Cummins were worth $1,461,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Meeder Asset Management Inc. increased its holdings in shares of Cummins by 208.0% during the fourth 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. TCTC Holdings LLC purchased a new position in Cummins in the 4th quarter worth about $28,000. Olde Wealth Management LLC purchased a new position in Cummins during the 1st quarter valued at about $30,000. Capital A Wealth Management LLC purchased a new position in Cummins during the 4th quarter valued at about $32,000. Finally, Opal Wealth Advisors LLC purchased a new position in Cummins during the 1st quarter valued at about $37,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CMI. Robert W. Baird lifted their price target on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday. Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. JPMorgan Chase & Co. upped their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Citigroup restated a "buy" rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Finally, Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $361.42.

Insider Activity

In related news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director owned 2,441 shares of the company's stock, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.41% of the company's stock.

Cummins Price Performance

Cummins stock traded down $1.28 on Friday, reaching $338.75. The company's stock had a trading volume of 632,089 shares, compared to its average volume of 775,756. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The company has a market cap of $46.67 billion, a price-to-earnings ratio of 16.85, a PEG ratio of 2.04 and a beta of 1.03. The business's fifty day moving average price is $323.43 and its 200 day moving average price is $330.92. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results 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 return on equity of 26.88% and a net margin of 8.20%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the prior year, the firm posted $5.08 earnings per share. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. Equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.15%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio (DPR) is presently 36.22%.

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.