Harbor Funds stated in its Q2 2026 investor letter that Cummins (NYSE:CMI) has performed well in recent years and is a leader in the industrial sector. However, given the stock's price appreciation, which earnings and cash flow have failed to keep pace with, leading to a decline in its valuation score, the fund decided to reduce its position in Q2. As of September 8, Cummins closed at $561.55, down 11.96% over the past month and up 38.56% over the past year, with a market capitalization of $77.3 billion.