Foster & Motley Inc. Sells 1,890 Shares of Cummins Inc. $CMI

Foster & Motley Inc. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 8.3% during the first quarter, Holdings Channel.com reports. The institutional investor owned 20,755 shares of the company’s stock after selling 1,890 shares during the period. Foster & Motley Inc.’s holdings in Cummins were worth $11,167,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake 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 period. State Street Corp raised its stake in Cummins by 0.8% in the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after acquiring an additional 49,628 shares during the period. Geode Capital Management LLC lifted its holdings in Cummins by 1.0% during the 4th 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 during the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after purchasing an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position 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 period. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on CMI. Citigroup upped their price objective on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Morgan Stanley lifted their target price on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Barclays increased their price target on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Finally, Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued 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 $731.86.

Insider Activity

In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. This represents a 14.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 13,579 shares of company stock worth $9,377,684. Insiders own 0.30% of the company’s stock.

Cummins Stock Up 4.6%

CMI opened at $727.12 on Friday. Cummins Inc. has a fifty-two week low of $319.37 and a fifty-two week high of $737.76. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The company has a market capitalization of $100.33 billion, a P/E ratio of 37.73, a P/E/G ratio of 1.70 and a beta of 1.23. The stock has a fifty day moving average of $670.68 and a 200-day moving average of $597.08.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the prior year, the company posted $5.96 earnings per share. Cummins’s revenue was up 2.7% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. Cummins’s payout ratio 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.