Foster & Motley Inc. Has $8.66 Million Stake in Cummins Inc. $CMI

Foster & Motley Inc. lessened its holdings in Cummins Inc. (NYSE:CMI) by 0.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,446 shares of the company’s stock after selling 140 shares during the quarter. Foster & Motley Inc.’s holdings in Cummins were worth $8,661,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Olde Wealth Management LLC bought a new stake in shares of Cummins in the first quarter worth $30,000. Accredited Wealth Management LLC acquired a new stake in Cummins during the 1st quarter valued at approximately $31,000. Richardson Financial Services Inc. bought a new position in Cummins during the 1st quarter worth approximately $39,000. Costello Asset Management INC bought a new position in Cummins during the first quarter worth $40,000. Finally, Wealth Preservation Advisors LLC acquired a new stake in Cummins during the 1st quarter worth about $41,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Luther E. Peters sold 4,850 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction dated 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 transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at approximately $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 have sold 43,119 shares of company stock valued at $17,674,285 over the last 90 days. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research reports. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a report on Tuesday. Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Barclays upped their price objective on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $407.43.

Cummins Trading Down 2.6%

Shares of CMI stock opened at $411.84 on Friday. The company has a market capitalization of $56.75 billion, a PE ratio of 19.36, a price-to-earnings-growth ratio of 2.04 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The business’s fifty day moving average is $411.10 and its 200 day moving average is $352.75. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period in the prior year, the company earned $5.26 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio is presently 37.61%.

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.