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

Assenagon Asset Management S.A. increased its holdings in Cummins Inc. (NYSE:CMI) by 8.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,666 shares of the company’s stock after buying 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.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. BankPlus Trust Department acquired a new position in Cummins in the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. increased its holdings in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after buying an additional 52 shares during the period. TCTC Holdings LLC acquired a new position in Cummins in the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. acquired a new position in Cummins in the 4th quarter worth approximately $30,000. Finally, Capital A Wealth Management LLC acquired a new position in Cummins in the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone bought 1,000 shares of the business’s stock in a transaction on Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now directly owns 2,441 shares of the company’s stock, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CMI shares. Morgan Stanley raised their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. Evercore ISI dropped their price objective on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. Wall Street Zen cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, Truist Financial dropped their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Cummins presently has a consensus rating of “Hold” and an average price target of $357.25.

Cummins Trading Down 1.7%

Shares of CMI stock opened at $319.19 on Monday. The stock’s fifty day moving average is $308.02 and its two-hundred day moving average is $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 firm has a market capitalization of $43.97 billion, a P/E ratio of 11.33, a PEG ratio of 2.19 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week 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 for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. The company 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 firm’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $5.08 EPS. Research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.28%. Cummins’s payout ratio is currently 36.22%.

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.