Orion Portfolio Solutions LLC Has $768,000 Stock Holdings in Cummins Inc. (NYSE:CMI)

Orion Portfolio Solutions LLC grew its position in shares of Cummins Inc. (NYSE:CMI) by 18.1% during the third quarter, HoldingsChannel.com reports. The firm owned 3,418 shares of the company’s stock after purchasing an additional 525 shares during the period. Orion Portfolio Solutions LLC’s holdings in Cummins were worth $768,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in shares of Cummins by 1.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 4,584,150 shares of the company’s stock worth $1,117,662,000 after acquiring an additional 43,799 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Cummins by 1.5% during the second quarter. Geode Capital Management LLC now owns 2,665,065 shares of the company’s stock worth $648,101,000 after acquiring an additional 39,451 shares during the last quarter. LSV Asset Management raised its position in shares of Cummins by 5.5% during the third quarter. LSV Asset Management now owns 2,101,229 shares of the company’s stock worth $471,851,000 after acquiring an additional 109,970 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Cummins by 10.3% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,977,042 shares of the company’s stock worth $482,023,000 after acquiring an additional 185,095 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of Cummins by 4.2% during the second quarter. Legal & General Group Plc now owns 1,588,982 shares of the company’s stock worth $387,411,000 after acquiring an additional 63,671 shares during the last quarter. 80.17% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have recently issued reports on CMI shares. Morgan Stanley lowered their price objective on Cummins from $262.00 to $251.00 and set an “equal weight” rating for the company in a research report on Thursday, December 9th. Deutsche Bank Aktiengesellschaft lowered their target price on Cummins from $251.00 to $247.00 and set a “hold” rating for the company in a report on Friday, December 10th. Evercore ISI lowered their target price on Cummins from $315.00 to $299.00 and set an “outperform” rating for the company in a report on Thursday, October 14th. Zacks Investment Research cut Cummins from a “hold” rating to a “sell” rating and set a $246.00 price objective for the company. in a research note on Monday, January 10th. Finally, Credit Suisse Group raised their price objective on Cummins from $295.00 to $304.00 and gave the company an “outperform” rating in a research note on Wednesday, November 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $282.64.

Shares of CMI opened at $237.54 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.80 and a quick ratio of 1.17. Cummins Inc. has a 1 year low of $203.38 and a 1 year high of $277.09. The firm has a market cap of $33.98 billion, a PE ratio of 15.61, a PEG ratio of 1.13 and a beta of 1.07. The stock’s fifty day moving average price is $223.37 and its two-hundred day moving average price is $231.20.

Cummins (NYSE:CMI) last released its quarterly earnings data on Monday, November 1st. The company reported $3.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.99 by ($0.30). Cummins had a net margin of 9.32% and a return on equity of 24.91%. The company had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $6 billion. During the same quarter in the previous year, the firm posted $3.57 earnings per share. Sell-side analysts anticipate that Cummins Inc. will post 15.15 earnings per share for the current fiscal year.

Cummins declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 14th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 6.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

In other Cummins news, Vice Chairman Tony Satterthwaite sold 9,190 shares of the company’s stock in a transaction dated Tuesday, November 23rd. The stock was sold at an average price of $226.72, for a total value of $2,083,556.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Walter J. Fier sold 7,360 shares of the company’s stock in a transaction dated Thursday, November 11th. The stock was sold at an average price of $235.70, for a total value of $1,734,752.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,550 shares of company stock worth $4,052,119. 1.00% of the stock is currently owned by corporate insiders.

About Cummins

Cummins, Inc designs, manufactures and markets diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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