Foster & Motley Inc. Trims Stock Position in Cummins Inc. (NYSE:CMI)

Foster & Motley Inc. lowered its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 2.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 26,586 shares of the company's stock after selling 695 shares during the period. Foster & Motley Inc.'s holdings in Cummins were worth $8,333,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CMI. Brighton Jones LLC grew its holdings in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after purchasing an additional 83 shares during the period. Meeder Asset Management Inc. grew its holdings in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 52 shares during the period. Summit Financial LLC grew its holdings in Cummins by 11.8% in the fourth quarter. Summit Financial LLC now owns 1,001 shares of the company's stock worth $349,000 after purchasing an additional 106 shares during the period. B. Metzler seel. Sohn & Co. AG grew its holdings in Cummins by 3.7% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 15,633 shares of the company's stock worth $5,450,000 after purchasing an additional 552 shares during the period. Finally, HighPoint Advisor Group LLC grew its holdings in Cummins by 4.4% in the fourth quarter. HighPoint Advisor Group LLC now owns 3,755 shares of the company's stock worth $1,399,000 after purchasing an additional 158 shares during the period. Institutional investors own 83.46% of the company's stock.

Insider Activity

In other Cummins news, Director John H. Stone purchased 1,000 shares of the stock in a transaction dated Friday, May 16th. The shares were bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Performance

CMI stock traded down $0.56 during mid-day trading on Wednesday, hitting $365.78. The company had a trading volume of 916,565 shares, compared to its average volume of 884,997. The firm has a market cap of $50.39 billion, a PE ratio of 18.20, a price-to-earnings-growth ratio of 2.04 and a beta of 1.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The stock's fifty day moving average price is $331.76 and its two-hundred day moving average price is $331.04.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company's revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.08 earnings per share. On average, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 2.19%. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is 36.22%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and reduced their price target for the stock from $400.00 to $240.00 in a report on Monday, April 7th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Citigroup reiterated a "buy" rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Robert W. Baird lifted their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Finally, The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $361.92.

About Cummins

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.