Orca Wealth Management LLC Purchases New Position in Cummins Inc. (NYSE:CMI)

Orca Wealth Management LLC purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,574 shares of the company's stock, valued at approximately $1,595,000. Cummins makes up about 1.4% of Orca Wealth Management LLC's holdings, making the stock its 24th largest position.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CMI. State Street Corp increased its position in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company's stock worth $2,039,894,000 after purchasing an additional 126,703 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after purchasing an additional 165,398 shares in the last quarter. Pathway Financial Advisers LLC increased its position in shares of Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock worth $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. FMR LLC increased its position in shares of Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company's stock worth $380,484,000 after purchasing an additional 9,245 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company's stock worth $315,616,000 after purchasing an additional 972,247 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the transaction, the vice president now owns 20,803 shares of the company's stock, valued at $7,456,419.29. This represents a 8.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders have sold 6,490 shares of company stock worth $2,357,880. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

CMI has been the topic of a number of research analyst reports. The Goldman Sachs Group lifted their target price on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Vertical Research lowered Cummins from a "buy" rating to a "hold" rating and set a $350.00 price target on the stock. in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised Cummins from an "underweight" rating to a "neutral" rating and raised their price target for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Truist Financial raised their price target on Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Finally, Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and raised their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $374.25.

Cummins Price Performance

Shares of CMI traded up $4.04 on Wednesday, reaching $354.31. The stock had a trading volume of 861,099 shares, compared to its average volume of 758,656. The firm has a market capitalization of $48.60 billion, a PE ratio of 23.40, a PEG ratio of 1.69 and a beta of 1.01. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average of $363.40 and a 200 day moving average of $332.55. Cummins Inc. has a twelve month low of $236.00 and a twelve month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts' consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company's revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.73 EPS. Sell-side analysts expect that Cummins Inc. will post 21.92 EPS for the current year.

About Cummins

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.