Orion Portfolio Solutions LLC reduced its position in Cummins Inc. (NYSE:CMI - Free Report) by 11.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,561 shares of the company's stock after selling 1,187 shares during the quarter. Orion Portfolio Solutions LLC's holdings in Cummins were worth $3,333,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in CMI. Norges Bank purchased a new stake in shares of Cummins in the 4th quarter worth approximately $499,490,000. Raymond James Financial Inc. bought a new stake in Cummins during the 4th quarter valued at $187,082,000. Vanguard Group Inc. increased its holdings in shares of Cummins by 1.5% in the 4th 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 period. Proficio Capital Partners LLC purchased a new stake in shares of Cummins during the 4th quarter worth $71,279,000. Finally, Amundi grew its stake in Cummins by 32.3% in the fourth 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 last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.
Cummins Stock Performance
Shares of Cummins stock traded down $17.53 during trading on Friday, hitting $277.82. 1,466,012 shares of the company's stock were exchanged, compared to its average volume of 805,084. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90. 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 PEG ratio of 2.19 and a beta of 1.01. The business has a 50-day simple moving average of $345.89 and a 200-day simple moving average of $348.60.
Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company's revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.14 EPS. On average, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.
Cummins Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio (DPR) is 25.84%.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the stock. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and raised their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. JPMorgan Chase & Co. lowered their target price on shares of Cummins from $420.00 to $375.00 and set a "neutral" rating for the company in a research note on Tuesday, March 18th. Truist Financial increased their price objective on Cummins from $424.00 to $425.00 and gave the company a "hold" rating in a report on Thursday, January 16th. Citigroup dropped their price target on Cummins from $430.00 to $360.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Finally, StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of "Hold" and a consensus price target of $383.67.
Get Our Latest Stock Report on CMI
About Cummins
(
Free Report)
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.
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