Regents Gate Capital LLP Purchases 6,817 Shares of Cummins Inc. $CMI

Regents Gate Capital LLP grew its position in Cummins Inc. (NYSE:CMI) by 22.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,410 shares of the company’s stock after purchasing an additional 6,817 shares during the period. Cummins comprises about 4.3% of Regents Gate Capital LLP’s holdings, making the stock its 2nd largest position. Regents Gate Capital LLP’s holdings in Cummins were worth $12,252,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CMI. Brighton Jones LLC increased its position in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the last quarter. Rossby Financial LCC acquired a new position in Cummins in the 1st quarter worth about $45,000. Private Trust Co. NA increased its position in Cummins by 18.3% in the 1st quarter. Private Trust Co. NA now owns 1,670 shares of the company’s stock worth $523,000 after purchasing an additional 258 shares during the last quarter. Mutual Advisors LLC increased its position in Cummins by 7.8% in the 1st quarter. Mutual Advisors LLC now owns 2,606 shares of the company’s stock worth $764,000 after purchasing an additional 188 shares during the last quarter. Finally, IFM Investors Pty Ltd increased its position in Cummins by 11.1% in the 1st quarter. IFM Investors Pty Ltd now owns 29,723 shares of the company’s stock worth $9,624,000 after purchasing an additional 2,961 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the transaction, the vice president directly owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This represents a 38.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 43,319 shares of company stock valued at $17,764,105 in the last three months. Company insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of several research reports. Truist Financial upped their target price on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Citigroup increased their price objective on Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Finally, Barclays increased their price objective on Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus price target of $410.50.

Cummins Stock Up 0.1%

Shares of CMI stock opened at $438.34 on Friday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $449.21. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The firm has a market cap of $60.40 billion, a PE ratio of 20.61, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04. The stock has a 50 day moving average of $415.90 and a 200-day moving average of $363.26.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same period in the prior year, the business earned $5.26 earnings per share. Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins’s payout ratio is presently 37.61%.

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.