Foster Victor Wealth Advisors LLC Has $10.65 Million Holdings in Cummins Inc. $CMI

Key Points

• Foster Victor Wealth Advisors LLC increased its stake in Cummins Inc. by 6.5%, bringing its total holdings to 31,826 shares valued at approximately $10.65 million.
• Cummins announced a quarterly dividend of $2.00 per share, increasing its annualized dividend to $8.00 and providing a yield of 1.9%.
• The company reported earnings of $6.43 per share for the last quarter, exceeding analysts' expectations, though its year-over-year revenue decreased by 1.7%.

Foster Victor Wealth Advisors LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 6.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,826 shares of the company's stock after buying an additional 1,938 shares during the period. Foster Victor Wealth Advisors LLC's holdings in Cummins were worth $10,649,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Capital A Wealth Management LLC acquired a new stake in shares of Cummins during the 4th quarter valued at about $32,000. Olde Wealth Management LLC acquired a new position in Cummins in the first quarter valued at about $30,000. Accredited Wealth Management LLC acquired a new stake in Cummins during the 1st quarter valued at $31,000. Opal Wealth Advisors LLC bought a new position in Cummins in the 1st quarter valued at $37,000. Finally, Richardson Financial Services Inc. bought a new position in Cummins in the 1st quarter valued at $39,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Price Performance

Shares of CMI opened at $423.78 on Wednesday. The stock has a 50 day simple moving average of $389.93 and a 200 day simple moving average of $340.54. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $432.50. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The firm has a market capitalization of $58.39 billion, a PE ratio of 19.92, a P/E/G ratio of 2.05 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business's revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.26 earnings per share. Sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins's dividend payout ratio is presently 37.61%.

Insider Activity at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company's stock, valued at $2,118,659.91. This represents a 20.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,119 shares of company stock valued at $14,159,885 over the last ninety days. Company insiders own 0.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CMI shares. Melius upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Barclays increased their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Melius Research upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Robert W. Baird raised their price target on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Finally, Wells Fargo & Company upgraded shares of Cummins to an "overweight" rating in a research report on Monday, August 11th. Nine equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $393.57.

Cummins 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.

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