Foundry Partners LLC Sells 653 Shares of Cummins Inc. (NYSE:CMI)

Foundry Partners LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,057 shares of the company’s stock after selling 653 shares during the quarter. Cummins accounts for approximately 1.3% of Foundry Partners LLC’s portfolio, making the stock its 14th largest position. Foundry Partners LLC owned about 0.05% of Cummins worth $26,165,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after buying an additional 250,650 shares in the last quarter. State Street Corp grew its position in Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares in the last quarter. Geode Capital Management LLC increased its stake in Cummins by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after acquiring an additional 84,112 shares during the last quarter. Fisher Asset Management LLC raised its position in Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after purchasing an additional 66,887 shares in the last quarter. Finally, Norges Bank bought a new stake in Cummins during the fourth quarter worth about $499,490,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CMI. UBS Group reduced their price objective on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Evercore ISI boosted their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Finally, Truist Financial raised their price objective on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $383.67.

Cummins Trading Down 7.5 %

NYSE CMI opened at $295.96 on Friday. The stock has a market cap of $40.69 billion, a P/E ratio of 10.51, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The stock has a 50 day simple moving average of $347.69 and a two-hundred day simple moving average of $348.43. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $4.14 earnings per share. On average, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is 25.84%.

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.