Foundations Investment Advisors LLC Sells 3,347 Shares of Cummins Inc. $CMI

Foundations Investment Advisors LLC cut its position in Cummins Inc. (NYSE:CMI) by 28.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,277 shares of the company’s stock after selling 3,347 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Cummins were worth $4,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Cummins by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after acquiring an additional 98,544 shares during the last quarter. Geode Capital Management LLC raised its position in Cummins by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after purchasing an additional 35,286 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Cummins by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after purchasing an additional 43,722 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Cummins by 0.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock worth $649,280,000 after purchasing an additional 7,372 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI opened at $646.53 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The stock’s 50 day simple moving average is $623.70 and its 200 day simple moving average is $569.87. The firm has a market cap of $89.21 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 1.63 and a beta of 1.27. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $718.08.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the prior year, the firm posted $5.96 earnings per share. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, analysts predict that Cummins Inc. will post 29.4 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is 41.52%.

Insider Transactions at Cummins

In other news, VP Marvin Boakye sold 3,481 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the transaction, the vice president directly owned 8,508 shares of the company’s stock, valued at approximately $5,784,589.20. This represents a 29.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 17,633 shares of company stock valued at $11,653,357. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Truist Financial set a $815.00 price objective on Cummins in a report on Wednesday, May 6th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Barclays lifted their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Citigroup boosted their price objective on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Evercore reaffirmed an “outperform” rating and set a $845.00 target price on shares of Cummins in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $700.50.

Cummins 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.