Foster Victor Wealth Advisors LLC Buys 2,504 Shares of Cummins Inc. $CMI

Foster Victor Wealth Advisors LLC lifted its stake in Cummins Inc. (NYSE:CMI) by 10.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,840 shares of the company’s stock after purchasing an additional 2,504 shares during the quarter. Foster Victor Wealth Advisors LLC’s holdings in Cummins were worth $14,014,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Cedar Mountain Advisors LLC boosted its stake in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares during the last quarter. Persistent Asset Partners Ltd purchased a new stake in Cummins in the 2nd quarter valued at $26,000. Key Financial Inc grew its holdings in Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares in the last quarter. Elevation Wealth Partners LLC increased its stake in shares of Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 22 shares during the last quarter. Finally, Steph & Co. increased its stake in shares of Cummins by 112.9% in the 1st quarter. Steph & Co. now owns 66 shares of the company’s stock worth $36,000 after acquiring an additional 35 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CMI shares. Citigroup reduced their price target on Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a report on Monday, October 12th. JPMorgan Chase & Co. dropped their price objective on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a report on Wednesday, September 23rd. Sanford C. Bernstein restated a “market perform” rating and set a $700.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Bank of America cut their price objective on shares of Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Finally, UBS Group reduced their target price on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research note on Wednesday, September 30th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $703.18.

Cummins Trading Up 1.3%

CMI opened at $543.28 on Thursday. The stock has a market capitalization of $74.79 billion, a PE ratio of 27.76, a P/E/G ratio of 1.41 and a beta of 1.24. Cummins Inc. has a one year low of $407.57 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The business’s 50 day moving average price is $549.81 and its 200 day moving average price is $620.36.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period last year, the business earned $6.43 EPS. Cummins’s revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s dividend payout ratio is currently 44.97%.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.