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

Foster & Motley Inc. purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 18,435 shares of the company's stock, valued at approximately $13,148,000.

A number of other hedge funds have also modified their holdings of CMI. Activest Wealth Management boosted its position in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after buying an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC raised its position in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after buying an additional 45 shares during the last quarter. Persistent Asset Partners Ltd purchased a new position in Cummins during the 2nd quarter worth approximately $26,000. Wellington Shields Capital Management LLC acquired a new stake in Cummins during the 4th quarter valued at approximately $27,000. Finally, Key Financial Inc lifted its stake in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after acquiring an additional 20 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CMI. Robert W. Baird set a $700.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. Zacks Research lowered shares of Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Argus upped their price target on shares of Cummins from $696.00 to $770.00 and gave the company a "buy" rating in a report on Monday, June 1st. Wells Fargo & Company lifted their price objective on Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research note on Wednesday, June 17th. Finally, Evercore reissued an "outperform" rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $745.64.

Cummins Price Performance

NYSE:CMI opened at $620.43 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The stock's 50-day moving average price is $664.02 and its 200-day moving average price is $628.32. The stock has a market capitalization of $85.41 billion, a PE ratio of 31.70, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same period in the previous year, the company posted $6.43 EPS. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities 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. Stockholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. Cummins's dividend payout ratio is currently 40.88%.

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.

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