Foundations Investment Advisors LLC Reduces Stock Position in Cummins Inc. (NYSE:CMI)

Foundations Investment Advisors LLC decreased its position in Cummins Inc. (NYSE:CMI) by 8.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,457 shares of the company’s stock after selling 132 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Cummins were worth $403,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. First United Bank & Trust purchased a new position in shares of Cummins during the fourth quarter valued at approximately $25,000. Private Wealth Management Group LLC purchased a new position in shares of Cummins during the 4th quarter worth $26,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins during the second quarter worth $28,000. Cultivar Capital Inc. purchased a new stake in shares of Cummins in the second quarter valued at $28,000. Finally, Lynx Investment Advisory acquired a new position in Cummins in the second quarter valued at $29,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Citigroup initiated coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. Evercore ISI increased their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Barclays boosted their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Raymond James initiated coverage on Cummins in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Robert W. Baird boosted their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $299.55.

Cummins Stock Down 1.2 %

NYSE CMI opened at $293.21 on Friday. The stock has a market cap of $40.11 billion, a PE ratio of 21.46, a P/E/G ratio of 1.82 and a beta of 0.98. The business has a 50 day moving average price of $292.17 and a two-hundred day moving average price of $286.04. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same period last year, the business earned $5.18 EPS. The business’s revenue was up 2.3% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.48%. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is currently 53.29%.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

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.