CUMMINS INC
In the published model solve dated 2026-Q2, anchored at $564.85, CUMMINS INC (CMI) is priced for +20.3% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• Electricity, not freight, is currently doing the work: Power Systems sales rose 19 percent in the March 2026 quarter on higher power generation demand in China and North America, while truck-facing demand went the other way. • The sharpest specific risk is that the customers can build the product themselves, and some already do; the FY2025 report warns about any significant reduction in engine outsourcing by its truck-maker customers, and CNH tells its own investors that its internal combusti
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1,908 institutional managers reported holding CMI in 13F filings for the quarter ended 2026-03-31. Together they hold about 84% of the company; the top 10 hold 42%. 171 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 2.6M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (2.8 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
CMI has cut its share count 4.7% over the past five years, spending $1.60B on repurchases. It pays a dividend, and has paid one every year in our records (18 and counting), raised 17 years straight; the current rate is $7.64 a share annually. Cash returned over the past three years: $2.78B in dividends and $243.00M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at CMI over the trailing three years: 2024: 3 buys totaling $729k; 2025: 1 buy totaling $332k. 32 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
CMI's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | -9.8% | -3.8% |
| 2023-11-03 | +3.6% | +5.4% |
| 2024-02-13 | +1.1% | +15.8% |
| 2024-05-03 | -1.1% | -5.0% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
CMI's latest 8-K filings: 2026-08-04 (items 2.02, 9.01); 2026-05-14 (items 5.07); 2026-05-05 (items 2.02, 9.01); 2026-02-05 (items 2.02, 9.01); 2025-11-06 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.