Gateway Wealth Partners LLC Increases Holdings in Cummins Inc. $CMI

Gateway Wealth Partners LLC increased its position in Cummins Inc. (NYSE:CMI) by 301.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,724 shares of the company’s stock after buying an additional 2,046 shares during the quarter. Gateway Wealth Partners LLC’s holdings in Cummins were worth $1,466,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC grew its holdings in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the last quarter. Intech Investment Management LLC lifted its stake in Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after purchasing an additional 1,146 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after purchasing an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC purchased a new stake in Cummins during the second quarter valued at about $225,000. Finally, Osterweis Capital Management Inc. purchased a new stake in Cummins during the second quarter valued at about $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CMI shares. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Citigroup increased their target price on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Truist Financial raised their price target on Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Barclays lifted their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Robert W. Baird set a $700.00 price objective on Cummins in a research report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $740.07.

Insiders Place Their Bets

In other news, VP Nathan R. Stoner sold 607 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the transaction, the vice president owned 9,447 shares of the company’s stock, valued at approximately $6,556,784.82. This represents a 6.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Bonnie J. Fetch sold 652 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $700.19, for a total value of $456,523.88. Following the completion of the transaction, the executive vice president directly owned 11,679 shares of the company’s stock, valued at $8,177,519.01. This represents a 5.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 over the last ninety days. 0.30% of the stock is owned by corporate insiders.

Cummins Stock Performance

NYSE:CMI opened at $642.33 on Wednesday. The stock has a market cap of $88.63 billion, a P/E ratio of 33.33, a price-to-earnings-growth ratio of 1.61 and a beta of 1.22. The firm’s fifty day simple moving average is $671.57 and its 200 day simple moving average is $621.44. Cummins Inc. has a twelve month low of $354.68 and a twelve month high of $737.76. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the business earned $5.96 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, research analysts predict that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. Cummins’s payout ratio is currently 41.52%.

Cummins Company Profile

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.