Cummins Inc. (NYSE:CMI) Stock Position Boosted by Foundry Partners LLC

Foundry Partners LLC boosted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 16.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,375 shares of the company's stock after purchasing an additional 12,318 shares during the period. Cummins comprises about 1.4% of Foundry Partners LLC's portfolio, making the stock its 10th largest holding. Foundry Partners LLC owned 0.06% of Cummins worth $27,387,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Fiduciary Trust Co grew its position in Cummins by 1.2% during the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock valued at $856,000 after buying an additional 28 shares during the period. Mindset Wealth Management LLC grew its position in Cummins by 1.7% during the fourth quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock valued at $724,000 after buying an additional 35 shares during the period. Garrison Point Advisors LLC grew its position in Cummins by 1.1% during the fourth quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock valued at $1,112,000 after buying an additional 35 shares during the period. Ascent Group LLC grew its position in Cummins by 2.7% during the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company's stock valued at $494,000 after buying an additional 37 shares during the period. Finally, Harbour Investments Inc. grew its position in Cummins by 2.3% during the fourth quarter. Harbour Investments Inc. now owns 1,723 shares of the company's stock valued at $601,000 after buying an additional 39 shares during the period. Institutional investors own 83.46% of the company's stock.

Insider Activity at Cummins

In other news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction on Friday, May 16th. The stock was bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director directly owned 2,441 shares of the company's stock, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.41% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on CMI. Citigroup reiterated a "buy" rating and set a $360.00 target price (up previously from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Truist Financial cut their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and cut their price objective for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, Wall Street Zen lowered shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Cummins currently has an average rating of "Hold" and a consensus price target of $361.42.

Cummins Stock Up 0.6%

Cummins stock traded up $2.23 during mid-day trading on Friday, reaching $350.40. The stock had a trading volume of 915,524 shares, compared to its average volume of 776,013. The company has a market capitalization of $48.27 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 1.94 and a beta of 1.03. The company has a 50-day moving average price of $327.72 and a two-hundred day moving average price of $330.75. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81.

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

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio (DPR) is 36.22%.

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.