Cummins Inc. $CMI Shares Sold by Fairvoy Private Wealth LLC

Fairvoy Private Wealth LLC lessened its holdings in Cummins Inc. (NYSE:CMI) by 20.8% during the third quarter, HoldingsChannel.com reports. The fund owned 6,957 shares of the company’s stock after selling 1,826 shares during the period. Fairvoy Private Wealth LLC’s holdings in Cummins were worth $3,594,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Prairie Advisory LLC boosted its stake in shares of Cummins by 97.3% in the 3rd quarter. Prairie Advisory LLC now owns 2,524 shares of the company’s stock valued at $1,303,000 after purchasing an additional 1,245 shares during the last quarter. SteelPeak Wealth LLC acquired a new stake in shares of Cummins during the third quarter worth $2,643,000. IFP Advisors Inc raised its stake in Cummins by 141.8% during the third quarter. IFP Advisors Inc now owns 8,795 shares of the company’s stock worth $4,543,000 after buying an additional 5,157 shares during the last quarter. Robertson Stephens Wealth Management LLC raised its stake in Cummins by 512.0% during the third quarter. Robertson Stephens Wealth Management LLC now owns 4,217 shares of the company’s stock worth $2,178,000 after buying an additional 3,528 shares during the last quarter. Finally, Frank Rimerman Advisors LLC raised its stake in Cummins by 401.0% during the third quarter. Frank Rimerman Advisors LLC now owns 18,793 shares of the company’s stock worth $9,708,000 after buying an additional 15,042 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 1.7%

NYSE CMI traded down $8.95 on Monday, hitting $522.38. 1,230,360 shares of the company were exchanged, compared to its average volume of 993,487. The company has a market cap of $71.91 billion, a PE ratio of 26.69, a PEG ratio of 1.40 and a beta of 1.24. Cummins Inc. has a 12 month low of $407.57 and a 12 month high of $737.76. The stock has a fifty day moving average of $555.86 and a 200-day moving average of $620.62. 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 posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period last year, the firm posted $6.43 earnings per share. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio is 44.97%.

Insider Activity at Cummins

In other 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 value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Wall Street Zen lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Saturday. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. UBS Group lowered their price objective on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Citigroup dropped their price objective on Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $703.18.

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.