Cummins Inc. (NYSE:CMI) Shares Purchased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 8.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,666 shares of the company’s stock after purchasing an additional 1,114 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Cummins were worth $4,283,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Norges Bank acquired a new stake in shares of Cummins during the 4th quarter worth about $499,490,000. GAMMA Investing LLC increased its position in shares of Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock worth $373,428,000 after purchasing an additional 1,188,276 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Cummins during the 4th quarter worth about $187,082,000. Vanguard Group Inc. increased its position in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after purchasing an additional 246,807 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on CMI. UBS Group downgraded Cummins from a “buy” rating to a “sell” rating and cut their price objective for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Truist Financial dropped their target price on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Robert W. Baird dropped their target price on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Evercore ISI dropped their target price on Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research report on Monday, May 19th. Finally, 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 research report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target of $357.25.

Cummins Stock Performance

Shares of CMI opened at $319.19 on Monday. The stock has a 50-day simple moving average of $308.02 and a 200-day simple moving average of $336.44. 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 stock has a market capitalization of $43.97 billion, a PE ratio of 11.33, a PEG ratio of 2.19 and a beta of 1.04. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $5.08 EPS. On average, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins’s payout ratio is 36.22%.

Insider Buying and Selling

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

About Cummins

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.