Cummins Inc. $CMI Shares Sold by Regents Gate Capital LLP

Regents Gate Capital LLP cut its stake in shares of Cummins Inc. (NYSE:CMI) by 83.8% during the third quarter, HoldingsChannel.com reports. The firm owned 6,062 shares of the company’s stock after selling 31,348 shares during the period. Regents Gate Capital LLP’s holdings in Cummins were worth $2,560,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CMI. Vanguard Group Inc. grew its position in Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after buying an additional 344,680 shares during the period. State Street Corp lifted its position in shares of Cummins by 1.4% during the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after acquiring an additional 92,073 shares during the period. Geode Capital Management LLC boosted its stake in shares of Cummins by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after acquiring an additional 43,720 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after acquiring an additional 91,956 shares during the period. Finally, Norges Bank acquired a new position in Cummins during the second quarter worth $505,941,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 0.6%

Shares of CMI stock opened at $584.37 on Monday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The company has a market capitalization of $80.74 billion, a price-to-earnings ratio of 28.48, a PEG ratio of 1.85 and a beta of 1.13. The firm has a 50-day moving average price of $566.52 and a 200 day moving average price of $485.66. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.16 earnings per share. Research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.4%. Cummins’s payout ratio is currently 38.99%.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research analyst reports. UBS Group set a $565.00 target price on Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Robert W. Baird set a $580.00 price objective on shares of Cummins in a research report on Friday, February 6th. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. Truist Financial reaffirmed a “buy” rating and issued a $703.00 price target (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Finally, Wall Street Zen upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Insider Transactions at Cummins

In other news, VP Earl Newsome sold 1,300 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $583.67, for a total transaction of $758,771.00. Following the transaction, the vice president directly owned 3,389 shares in the company, valued at $1,978,057.63. This represents a 27.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the sale, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 27,141 shares of company stock valued at $16,121,817. Corporate insiders own 0.41% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.