Regents Gate Capital LLP Takes $9.59 Million Position in Cummins Inc. (NYSE:CMI)

Regents Gate Capital LLP acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 30,593 shares of the company's stock, valued at approximately $9,589,000. Cummins accounts for about 4.1% of Regents Gate Capital LLP's holdings, making the stock its 10th biggest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Signaturefd LLC increased its holdings in Cummins by 0.9% in the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company's stock worth $1,155,000 after acquiring an additional 28 shares during the last quarter. Fiduciary Trust Co increased its holdings in Cummins by 1.2% in the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after acquiring an additional 28 shares during the last quarter. Mindset Wealth Management LLC increased its holdings in Cummins by 1.7% in the 4th quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock worth $724,000 after acquiring an additional 35 shares during the last quarter. Garrison Point Advisors LLC increased its holdings in Cummins by 1.1% in the 4th quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock worth $1,112,000 after acquiring an additional 35 shares during the last quarter. Finally, Ascent Group LLC increased its holdings in Cummins by 2.7% in the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock worth $494,000 after acquiring an additional 37 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Price Performance

Shares of CMI traded up $3.46 during trading hours on Wednesday, reaching $334.21. 987,901 shares of the company's stock traded hands, compared to its average volume of 775,538. The firm's 50 day simple moving average is $320.95 and its 200-day simple moving average is $331.24. The stock has a market cap of $46.04 billion, a PE ratio of 16.63, a price-to-earnings-growth ratio of 1.97 and a beta of 1.03. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the previous year, the company posted $5.08 EPS. Cummins's quarterly revenue was down 2.7% compared to the same quarter last year. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a $1.82 dividend. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.18%. Cummins's payout ratio is currently 36.22%.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on CMI shares. Robert W. Baird reduced their target price on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Citigroup reaffirmed a "buy" rating and set a $360.00 target price (up previously from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Truist Financial reduced their target price on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and lifted their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Finally, Morgan Stanley lifted their target price on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $358.08.

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.