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

Alps Advisors Inc. grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 67.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,792 shares of the company’s stock after purchasing an additional 3,135 shares during the period. Alps Advisors Inc.’s holdings in Cummins were worth $3,291,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CMI. Flagship Wealth Advisors LLC purchased a new stake in Cummins during the 3rd quarter worth approximately $28,000. Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the second quarter worth $31,000. Guerra Advisors Inc acquired a new position in shares of Cummins in the third quarter worth $36,000. Salomon & Ludwin LLC increased its position in shares of Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after acquiring an additional 80 shares during the period. Finally, Tripletail Wealth Management LLC acquired a new stake in shares of Cummins in the third quarter valued at $39,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI opened at $601.10 on Tuesday. The company has a market capitalization of $82.98 billion, a price-to-earnings ratio of 29.29, a price-to-earnings-growth ratio of 2.03 and a beta of 1.13. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. 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 50 day moving average price of $543.10 and a 200 day moving average price of $464.36.

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

Insiders Place Their Bets

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the transaction, the insider owned 9,271 shares in the company, valued at $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.41% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CMI has been the subject of several analyst reports. Robert W. Baird set a $580.00 target price on Cummins in a research note on Friday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 target price on shares of Cummins in a report on Friday. Finally, Wells Fargo & Company lifted their price target on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $580.73.

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.