Foster & Motley Inc. Decreases Stake in Cummins Inc. $CMI

Foster & Motley Inc. reduced its position in Cummins Inc. (NYSE:CMI) by 9.0% during the third quarter, HoldingsChannel reports. The fund owned 24,073 shares of the company’s stock after selling 2,373 shares during the quarter. Foster & Motley Inc.’s holdings in Cummins were worth $10,168,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Cummins in the second quarter worth about $505,941,000. American Century Companies Inc. boosted its holdings in Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after buying an additional 528,689 shares during the period. Ontario Teachers Pension Plan Board grew its stake in Cummins by 5,158.9% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after buying an additional 427,670 shares in the last quarter. Vanguard Group Inc. raised its holdings in Cummins by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after acquiring an additional 344,680 shares during the period. Finally, Amundi lifted its position in shares of Cummins by 48.6% during the second quarter. Amundi now owns 1,030,767 shares of the company’s stock worth $343,699,000 after acquiring an additional 337,074 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Citigroup lifted their price target on Cummins from $530.00 to $580.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. JPMorgan Chase & Co. lifted their target price on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Argus increased their price target on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Raymond James Financial upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price objective for the company in a research report on Monday, December 22nd. Finally, UBS Group raised shares of Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $492.75.

Insider Buying and Selling

In other news, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the sale, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 19,330 shares of company stock worth $9,135,364 in the last 90 days. 0.41% of the stock is owned by company insiders.

Cummins Price Performance

Shares of Cummins stock opened at $538.93 on Thursday. The business’s 50-day moving average price is $494.11 and its 200-day moving average price is $425.14. The firm has a market capitalization of $74.39 billion, a PE ratio of 27.97, a price-to-earnings-growth ratio of 1.91 and a beta of 1.12. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $547.43. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.83 by $0.76. The business had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.Cummins’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.86 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.