Cummins Inc. $CMI Shares Bought by Foster Victor Wealth Advisors LLC

Foster Victor Wealth Advisors LLC lifted its position in Cummins Inc. (NYSE:CMI) by 10.3% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 26,840 shares of the company’s stock after buying 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 quarter.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Cummins during the second quarter worth $8,204,241,000. Bank of America Corp DE purchased a new position in Cummins in the second quarter valued at $1,408,353,000. Bank of New York Mellon Corp purchased a new position in Cummins in the second quarter valued at $973,198,000. Legal & General Group Plc acquired a new position in Cummins during the 2nd quarter worth $666,635,000. Finally, Vontobel Holding Ltd. grew its stake in Cummins by 1,436.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company’s stock worth $302,025,000 after purchasing an additional 546,613 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Morgan Stanley increased their price target on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Bank of America lowered their price objective on Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Saturday, October 17th. Citigroup cut their target price on shares of Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. Finally, Evercore reduced their target price on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a report on Tuesday, August 11th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $703.18.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins 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 $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by company insiders.

Cummins Price Performance

Cummins stock opened at $543.28 on Thursday. The stock has a market cap of $74.79 billion, a P/E ratio of 27.76, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24. The company has a fifty day simple moving average of $549.81 and a 200-day simple moving average of $620.36. Cummins Inc. has a 12-month low of $407.57 and a 12-month high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.43 EPS. Equities analysts expect that Cummins Inc. will post 29.98 EPS for the current fiscal year.

Cummins Announces Dividend

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

About Cummins

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.