Cummins Inc. (NYSE:CMI) Shares Bought by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC raised its holdings in Cummins Inc. (NYSE:CMI) by 7.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 10,748 shares of the company’s stock after acquiring an additional 770 shares during the period. Orion Portfolio Solutions LLC’s holdings in Cummins were worth $3,480,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Zacks Investment Management raised its holdings in Cummins by 61.6% in the 3rd quarter. Zacks Investment Management now owns 2,375 shares of the company’s stock valued at $769,000 after acquiring an additional 905 shares during the last quarter. EP Wealth Advisors LLC grew its stake in shares of Cummins by 80.7% during the 3rd quarter. EP Wealth Advisors LLC now owns 3,390 shares of the company’s stock valued at $1,097,000 after buying an additional 1,514 shares during the period. Kovitz Investment Group Partners LLC grew its stake in shares of Cummins by 12.1% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 42,515 shares of the company’s stock valued at $12,934,000 after buying an additional 4,599 shares during the period. Wellington Management Group LLP grew its stake in shares of Cummins by 51.7% during the 3rd quarter. Wellington Management Group LLP now owns 4,289 shares of the company’s stock valued at $1,389,000 after buying an additional 1,462 shares during the period. Finally, Wahed Invest LLC grew its stake in shares of Cummins by 10.3% during the 3rd quarter. Wahed Invest LLC now owns 3,318 shares of the company’s stock valued at $1,074,000 after buying an additional 310 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $355.00 to $420.00 in a research note on Monday. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Jefferies Financial Group boosted their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, Citigroup upped their price target on shares of Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $352.85.

Cummins Stock Performance

NYSE:CMI opened at $383.61 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The firm has a 50-day moving average of $349.67 and a two-hundred day moving average of $311.38. The stock has a market cap of $52.62 billion, a P/E ratio of 25.34, a PEG ratio of 1.84 and a beta of 0.99. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the company posted $4.73 EPS. On average, research analysts expect that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were given a $1.82 dividend. The ex-dividend date was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.90%. Cummins’s payout ratio is currently 48.08%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 in the last ninety days. Insiders own 0.56% 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.