Foster Victor Wealth Advisors LLC Decreases Stock Position in Cummins Inc. $CMI

Foster Victor Wealth Advisors LLC lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,903 shares of the company’s stock after selling 877 shares during the period. Foster Victor Wealth Advisors LLC’s holdings in Cummins were worth $15,774,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CMI. Boston Partners purchased a new position in Cummins during the 3rd quarter valued at about $473,471,000. London Co. of Virginia purchased a new position in Cummins during the 3rd quarter valued at about $231,732,000. Bank of New York Mellon Corp increased its holdings in Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after purchasing an additional 488,430 shares during the period. Nordea Investment Management AB increased its holdings in Cummins by 103.8% during the 4th quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock valued at $280,397,000 after purchasing an additional 278,350 shares during the period. Finally, Merewether Investment Management LP purchased a new position in Cummins during the 3rd quarter valued at about $91,147,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $615.36 on Wednesday. The stock’s 50 day simple moving average is $569.01 and its two-hundred day simple moving average is $519.67. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The stock has a market cap of $85.02 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 1.96 and a beta of 1.14. Cummins Inc. has a fifty-two week low of $269.24 and a fifty-two week high of $620.78.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $5.16 EPS. As a group, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s payout ratio is presently 38.99%.

Insider Buying and Selling at Cummins

In other news, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the sale, the vice president directly owned 7,214 shares of the company’s stock, valued at $4,329,337.82. The trade was a 18.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Earl Newsome sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the sale, the vice president directly owned 3,389 shares in the company, valued at approximately $1,978,057.63. This represents a 27.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 31,195 shares of company stock worth $18,397,489. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research analyst reports. Truist Financial restated a “buy” rating and set a $703.00 price target (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Citigroup boosted their price target on Cummins from $630.00 to $710.00 and gave the company a “buy” rating in a report on Monday. Wells Fargo & Company boosted their price target on Cummins from $630.00 to $693.00 and gave the company an “overweight” rating in a report on Monday. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Finally, Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $598.47.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.