Alpine Bank Wealth Management Invests $157,000 in Cummins Inc. (NYSE:CMI)

Alpine Bank Wealth Management acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 500 shares of the company’s stock, valued at approximately $157,000.

Other large investors also recently bought and sold shares of the company. FMR LLC increased its holdings in shares of Cummins by 5.7% in the 4th quarter. FMR LLC now owns 1,242,362 shares of the company’s stock valued at $433,087,000 after acquiring an additional 67,266 shares during the period. Fayez Sarofim & Co boosted its position in Cummins by 72.3% during the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock valued at $2,857,000 after purchasing an additional 3,440 shares in the last quarter. National Bank of Canada FI grew its stake in Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock valued at $28,359,000 after purchasing an additional 3,298 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Cummins by 8.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock worth $4,283,000 after purchasing an additional 1,114 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Cummins by 4.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock valued at $54,876,000 after buying an additional 6,107 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Evercore ISI cut their price target on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a report on Monday, May 19th. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Finally, 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 report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $358.08.

Cummins Stock Performance

Shares of CMI opened at $318.86 on Thursday. 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 stock has a 50-day moving average of $313.19 and a two-hundred day moving average of $333.69. The stock has a market cap of $43.93 billion, a P/E ratio of 15.86, a P/E/G ratio of 1.95 and a beta of 1.04. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90.

Cummins (NYSE:CMI) last released its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company’s revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.08 earnings per share. As a group, research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins’s payout ratio is 36.22%.

Insider Activity

In other Cummins news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.41% of the company’s stock.

Cummins 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.