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Alpine Woods Capital Investors LLC Decreases Position in Cummins Inc. (NYSE:CMI)

Cummins logo with Auto/Tires/Trucks background

Alpine Woods Capital Investors LLC reduced its position in Cummins Inc. (NYSE:CMI - Free Report) by 27.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,474 shares of the company's stock after selling 4,617 shares during the period. Alpine Woods Capital Investors LLC's holdings in Cummins were worth $3,910,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. FMR LLC increased its stake in Cummins by 5.7% during the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after acquiring an additional 67,266 shares during the last quarter. Fayez Sarofim & Co increased its stake in Cummins by 72.3% during the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock worth $2,857,000 after acquiring an additional 3,440 shares during the last quarter. National Bank of Canada FI increased its stake in Cummins by 4.2% during the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after acquiring an additional 3,298 shares during the last quarter. Alpha Cubed Investments LLC bought a new stake in Cummins during the first quarter worth approximately $440,000. Finally, Assenagon Asset Management S.A. increased its stake in Cummins by 8.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock worth $4,283,000 after acquiring an additional 1,114 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director owned 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Down 0.4%

Cummins stock traded down $1.28 during mid-day trading on Friday, reaching $338.75. 632,089 shares of the company were exchanged, compared to its average volume of 775,756. The business has a fifty day moving average of $323.43 and a 200 day moving average of $330.92. 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 firm has a market cap of $46.67 billion, a P/E ratio of 16.85, a PEG ratio of 2.04 and a beta of 1.03. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins's revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.08 earnings per share. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.15%. Cummins's dividend payout ratio is currently 36.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CMI shares. Evercore ISI reduced their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Truist Financial cut their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and upped their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. JPMorgan Chase & Co. upped their target price on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, Wall Street Zen cut Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Cummins currently has an average rating of "Hold" and an average price target of $361.42.

Read Our Latest Stock Analysis on Cummins

Cummins Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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