Cummins Inc. $CMI Shares Acquired by Alps Advisors Inc.

Alps Advisors Inc. increased its holdings in Cummins Inc. (NYSE:CMI) by 67.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,792 shares of the company’s stock after acquiring an additional 3,135 shares during the quarter. Alps Advisors Inc.’s holdings in Cummins were worth $3,291,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CMI. Stock Yards Bank & Trust Co. raised its holdings in shares of Cummins by 0.4% in the third quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock valued at $2,499,000 after buying an additional 24 shares during the last quarter. Whittier Trust Co. raised its stake in Cummins by 0.9% during the 3rd quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock valued at $1,154,000 after acquiring an additional 24 shares during the last quarter. Howard Capital Management Inc. lifted its position in Cummins by 2.9% during the 3rd quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock worth $365,000 after acquiring an additional 24 shares during the period. BNP Paribas grew its stake in shares of Cummins by 1.8% in the 2nd quarter. BNP Paribas now owns 1,422 shares of the company’s stock valued at $466,000 after purchasing an additional 25 shares during the last quarter. Finally, Bridges Investment Management Inc. increased its holdings in shares of Cummins by 3.2% in the third quarter. Bridges Investment Management Inc. now owns 845 shares of the company’s stock valued at $357,000 after purchasing an additional 26 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CMI. Argus increased their price target on Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Truist Financial restated a “buy” rating and set a $703.00 price objective (up previously from $653.00) on shares of Cummins in a research report on Friday. Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 target price on shares of Cummins in a report on Friday. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Finally, Barclays raised their price objective on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $580.73.

Insider Activity

In other news, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the sale, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. The trade was a 13.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.41% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $601.10 on Tuesday. The firm’s fifty day simple moving average is $543.10 and its 200-day simple moving average is $464.36. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The stock has a market cap of $82.98 billion, a PE ratio of 29.29, a price-to-earnings-growth ratio of 2.03 and a beta of 1.13. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the previous year, the firm earned $5.16 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. Analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.