Alliancebernstein L.P. Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

Alliancebernstein L.P. lowered its position in Cummins Inc. (NYSE:CMI) by 8.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 166,787 shares of the company’s stock after selling 16,188 shares during the period. Alliancebernstein L.P.’s holdings in Cummins were worth $58,142,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CMI. Norges Bank purchased a new stake in Cummins in the 4th quarter valued at about $499,490,000. Raymond James Financial Inc. purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $187,082,000. Vanguard Group Inc. increased its position in shares of Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after acquiring an additional 250,650 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Cummins in the fourth quarter worth $71,279,000. Finally, Amundi grew its stake in Cummins by 32.3% in the 4th quarter. Amundi now owns 771,038 shares of the company’s stock valued at $277,381,000 after purchasing an additional 188,254 shares during the period. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CMI shares. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Evercore ISI increased their target price on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. JPMorgan Chase & Co. lowered their price target on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. Jefferies Financial Group increased their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Citigroup dropped their price target on Cummins from $430.00 to $360.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $383.67.

Cummins Stock Performance

Shares of CMI opened at $277.82 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a market capitalization of $38.19 billion, a price-to-earnings ratio of 9.86, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90. The stock’s 50-day simple moving average is $345.89 and its 200 day simple moving average is $348.27.

Cummins (NYSE:CMI) last released 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 net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the business earned $4.14 earnings per share. Cummins’s revenue was down 1.1% compared to the same quarter last year. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

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

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.