Foster Victor Wealth Advisors LLC Has $8.54 Million Holdings in Cummins Inc. (NYSE:CMI)

Foster Victor Wealth Advisors LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 7.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,888 shares of the company’s stock after buying an additional 2,017 shares during the quarter. Foster Victor Wealth Advisors LLC’s holdings in Cummins were worth $8,544,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Signaturefd LLC boosted its stake in Cummins by 0.9% in the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock valued at $1,155,000 after buying an additional 28 shares in the last quarter. Fiduciary Trust Co increased its holdings in Cummins by 1.2% in the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after purchasing an additional 28 shares in the last quarter. Avestar Capital LLC increased its holdings in Cummins by 3.2% in the fourth quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after purchasing an additional 31 shares in the last quarter. Mindset Wealth Management LLC increased its holdings in Cummins by 1.7% in the fourth quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company’s stock worth $724,000 after purchasing an additional 35 shares in the last quarter. Finally, Garrison Point Advisors LLC increased its holdings in Cummins by 1.1% in the fourth quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company’s stock worth $1,112,000 after purchasing an additional 35 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the subject of a number of research reports. Citigroup raised their price objective on Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, May 12th. UBS Group cut Cummins from a “buy” rating to a “sell” rating and cut their price objective for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Truist Financial cut their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus target price of $357.25.

Insider Buying and Selling

In other Cummins news, Director John H. Stone acquired 1,000 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director now owns 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Performance

NYSE:CMI opened at $319.19 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The stock has a market cap of $43.97 billion, a P/E ratio of 11.33, a PEG ratio of 2.19 and a beta of 1.04. The business’s 50-day moving average price is $308.02 and its two-hundred day moving average price is $336.68. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period in the prior year, the company earned $5.08 EPS. The company’s revenue was down 2.7% on a year-over-year basis. As a group, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.28%. Cummins’s payout ratio is 36.22%.

Cummins Company Profile

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.