Cummins Inc. $CMI Stock: Salvus Wealth Management LLC Grows Holdings

Key Points

• Salvus Wealth Management increased its Cummins stake by 1,301.2% in the third quarter, bringing its holdings to 23,863 shares valued at approximately $12.3 million. Institutional investors collectively own 83.46% of the company.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and five Holds, producing a “Moderate Buy” consensus and an average price target of $708.18. However, several firms recently lowered their targets.
• Cummins shares traded at $529.57, well below their 52-week high of $737.76. The company beat revenue expectations in its latest quarter but missed consensus earnings estimates, reporting $6.73 in EPS versus $7.21 expected.

Salvus Wealth Management LLC lifted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 1,301.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,863 shares of the company's stock after buying an additional 22,160 shares during the period. Cummins makes up approximately 6.4% of Salvus Wealth Management LLC's investment portfolio, making the stock its 2nd biggest position. Salvus Wealth Management LLC's holdings in Cummins were worth $12,327,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Cummins during the 2nd quarter worth $8,204,241,000. Bank of America Corp DE bought a new stake in shares of Cummins during the 2nd quarter valued at $1,408,353,000. Bank of New York Mellon Corp bought a new stake in shares of Cummins during the 2nd quarter valued at $973,198,000. Legal & General Group Plc bought a new stake in shares of Cummins during the 2nd quarter valued at $666,635,000. Finally, Amundi grew its holdings in shares of Cummins by 19.7% during the 2nd quarter. Amundi now owns 893,772 shares of the company's stock worth $637,446,000 after purchasing an additional 147,093 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on CMI shares. CICC Research started coverage on Cummins in a research report on Sunday, August 23rd. They issued an "outperform" rating and a $781.00 price target on the stock. Truist Financial dropped their price target on Cummins from $894.00 to $779.00 and set a "buy" rating for the company in a research note on Monday, October 5th. Sanford C. Bernstein reaffirmed a "market perform" rating and set a $700.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Weiss Ratings downgraded shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, August 31st. Finally, Bank of America reduced their price objective on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Cummins presently has an average rating of "Moderate Buy" and an average price target of $708.18.

Cummins Price Performance

NYSE CMI traded up $1.71 on Tuesday, hitting $529.57. 1,076,114 shares of the company's stock were exchanged, compared to its average volume of 987,268. The stock has a 50-day moving average of $562.88 and a 200-day moving average of $620.45. The stock has a market cap of $72.90 billion, a price-to-earnings ratio of 27.06, a P/E/G ratio of 1.37 and a beta of 1.24. Cummins Inc. has a 52 week low of $400.72 and a 52 week 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 - Get Free Report) last issued its quarterly 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 net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the business posted $6.43 EPS. The company's revenue for the quarter was up 9.4% on a year-over-year basis. Analysts expect that Cummins Inc. will post 30.13 earnings per share for the current year.

Insiders Place Their Bets

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

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.

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