Gateway Wealth Partners LLC Increases Stock Position in Cummins Inc. $CMI

Key Points

• Gateway Wealth Partners increased its Cummins stake by 301.8% in the first quarter, bringing its holdings to 2,724 shares worth approximately $1.47 million. Institutional investors collectively own 83.46% of Cummins stock.
• Cummins reported quarterly EPS of $6.15, beating estimates of $5.63, while revenue rose 2.7% year over year to $8.40 billion. The company also raised its quarterly dividend to $2.20, implying a 1.4% annualized yield.
• Analyst sentiment remains positive, with an overall “Moderate Buy” rating and a consensus price target of $740.07, although insiders sold 13,579 shares valued at roughly $9.38 million during the latest quarter.

Gateway Wealth Partners LLC increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 301.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,724 shares of the company's stock after buying an additional 2,046 shares during the period. Gateway Wealth Partners LLC's holdings in Cummins were worth $1,466,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CMI. Vanguard Group Inc. boosted its holdings in shares of Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company's stock worth $9,058,841,000 after acquiring an additional 98,544 shares during the period. State Street Corp raised its stake in shares of Cummins by 0.8% during the 4th quarter. State Street Corp now owns 6,509,852 shares of the company's stock valued at $3,322,954,000 after purchasing an additional 49,628 shares during the period. Geode Capital Management LLC lifted its holdings in Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company's stock worth $1,822,534,000 after purchasing an additional 35,286 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company's stock worth $1,741,004,000 after purchasing an additional 43,722 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the period. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of the business's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president owned 8,316 shares of the company's stock, valued at $5,912,010.72. The trade was a 8.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the transaction, the vice president directly owned 9,447 shares in the company, valued at $6,556,784.82. The trade was a 6.04% 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 quarter. Company insiders own 0.30% of the company's stock.

Cummins Price Performance

Shares of NYSE CMI opened at $642.33 on Wednesday. The stock's 50-day simple moving average is $671.57 and its two-hundred 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 firm has a market capitalization of $88.63 billion, a P/E ratio of 33.33, a P/E/G ratio of 1.61 and a beta of 1.22. 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 - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter last year, the company posted $5.96 EPS. The company's revenue for the quarter was up 2.7% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced 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. 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%. The ex-dividend date of this dividend is Friday, August 21st. Cummins's payout ratio is 41.52%.

Wall Street Analyst Weigh In

CMI has been the subject of a number of recent analyst reports. UBS Group reaffirmed a "buy" rating on shares of Cummins in a report on Wednesday, June 17th. Barclays increased their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Wells Fargo & Company boosted their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research note on Wednesday, June 17th. Raymond James Financial boosted their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a research note on Tuesday, May 26th. Finally, Zacks Research lowered shares of Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $740.07.

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.

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