Alliancebernstein L.P. Sells 16,188 Shares of Cummins Inc. (NYSE:CMI)

Alliancebernstein L.P. reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 8.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 166,787 shares of the company’s stock after selling 16,188 shares during the quarter. Alliancebernstein L.P. owned 0.12% of Cummins worth $58,142,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. State Street Corp increased its holdings in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after acquiring an additional 66,887 shares during the last quarter. Norges Bank acquired a new stake in shares of Cummins during the 4th quarter valued at $499,490,000. Finally, Bank of New York Mellon Corp increased its holdings in Cummins by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after purchasing an additional 120,579 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE CMI opened at $277.82 on Friday. The firm has a market capitalization of $38.19 billion, a P/E ratio of 9.86, a P/E/G ratio of 2.19 and a beta of 1.01. The firm’s 50-day moving average price is $345.89 and its 200-day moving average price is $348.27. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter last year, the firm posted $4.14 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.62%. Cummins’s dividend payout ratio is presently 25.84%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. JPMorgan Chase & Co. decreased their price target on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research report on Tuesday, March 18th. Citigroup reduced their price objective on shares of Cummins from $430.00 to $360.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Jefferies Financial Group raised their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Barclays lifted their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $383.67.

About Cummins

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.