Gateway Investment Advisers LLC Sells 580 Shares of Cummins Inc. (NYSE:CMI)

Gateway Investment Advisers LLC reduced its position in Cummins Inc. (NYSE:CMI) by 0.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,223 shares of the company’s stock after selling 580 shares during the period. Gateway Investment Advisers LLC’s holdings in Cummins were worth $24,205,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BankPlus Trust Department purchased a new stake in shares of Cummins during the 4th quarter worth approximately $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins in the fourth quarter valued at $27,000. Meeder Asset Management Inc. increased its position in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after purchasing an additional 52 shares during the last quarter. TCTC Holdings LLC purchased a new stake in Cummins during the fourth quarter valued at $28,000. Finally, SBI Securities Co. Ltd. bought a new position in Cummins during the fourth quarter valued at $30,000. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares of the company’s stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.41% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CMI has been the topic of a number of research reports. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Robert W. Baird reduced their price objective on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Citigroup lifted their target price on Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Finally, JPMorgan Chase & Co. boosted their target price on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $357.25.

Cummins Price Performance

Shares of CMI stock opened at $326.74 on Friday. The stock has a 50 day moving average price of $304.31 and a 200 day moving average price of $338.53. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market capitalization of $45.01 billion, a P/E ratio of 11.60, a P/E/G ratio of 2.19 and a beta of 1.04.

Cummins (NYSE:CMI) 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. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the firm posted $5.08 earnings per share. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.23%. Cummins’s payout ratio is 36.22%.

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.