Salvus Wealth Management LLC Buys 22,160 Shares of Cummins Inc. $CMI

Salvus Wealth Management LLC grew its stake in shares of Cummins Inc. (NYSE:CMI) by 1,301.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,863 shares of the company’s stock after buying an additional 22,160 shares during the quarter. Cummins makes up 6.4% of Salvus Wealth Management LLC’s holdings, making the stock its 2nd biggest holding. Salvus Wealth Management LLC’s holdings in Cummins were worth $12,327,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of CMI. BlackRock Inc. bought a new position in shares of Cummins in the 2nd quarter valued at $8,204,241,000. Bank of America Corp DE acquired 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 Cummins during the 2nd quarter worth $973,198,000. Legal & General Group Plc acquired a new position in Cummins in the 2nd quarter worth about $666,635,000. Finally, SG Americas Securities LLC increased its holdings in Cummins by 257.9% in the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after purchasing an additional 530,812 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on CMI shares. Bank of America dropped their target price on Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. JPMorgan Chase & Co. reduced their price target on Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a report on Wednesday, September 23rd. Wells Fargo & Company cut their target price on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research report on Thursday, October 8th. Morgan Stanley lifted their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, UBS Group reduced their price objective on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research note on Wednesday, September 30th. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $708.18.

Cummins Trading Up 0.3%

Shares of NYSE:CMI traded up $1.71 during trading on Tuesday, reaching $529.57. The stock had a trading volume of 1,076,114 shares, compared to its average volume of 987,268. The firm’s fifty day moving average is $562.88 and its 200 day moving average is $620.45. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a 52 week low of $400.72 and a 52 week high of $737.76. 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 (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the prior year, the business earned $6.43 EPS. Cummins’s quarterly revenue was up 9.4% on a year-over-year basis. As a group, equities analysts forecast that Cummins Inc. will post 30.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.30% of the company’s stock.

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.