18,435 Shares in Cummins Inc. $CMI Purchased by Foster & Motley Inc.

Foster & Motley Inc. purchased a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 18,435 shares of the company’s stock, valued at approximately $13,148,000.

Other institutional investors also recently bought and sold shares of the company. Valmark Advisers Inc. raised its holdings in shares of Cummins by 1.9% during the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after acquiring an additional 16 shares during the last quarter. Guardian Partners Inc. boosted its stake in shares of Cummins by 1.0% in the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after acquiring an additional 16 shares during the last quarter. Nicolet Advisory Services LLC increased its position in shares of Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after purchasing an additional 17 shares in the last quarter. Uhlmann Price Securities LLC increased its position in shares of Cummins by 2.4% during the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after purchasing an additional 17 shares in the last quarter. Finally, ICW Investment Advisors LLC raised its stake in Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after purchasing an additional 18 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research reports. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Barclays raised their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Robert W. Baird set a $700.00 target price on Cummins in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research report on Monday, August 3rd. Finally, JPMorgan Chase & Co. lifted 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. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Stock Down 3.2%

Cummins stock opened at $620.43 on Wednesday. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The stock has a market cap of $85.41 billion, a PE ratio of 31.70, a P/E/G ratio of 1.50 and a beta of 1.24. The stock’s fifty day moving average is $664.02 and its two-hundred day moving average is $628.32.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm earned $6.43 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.4%. Cummins’s dividend payout ratio (DPR) is presently 40.88%.

About Cummins

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.