Assenagon Asset Management S.A. Has $6.40 Million Stock Holdings in Cummins Inc. $CMI

Assenagon Asset Management S.A. cut its position in Cummins Inc. (NYSE:CMI) by 9.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,536 shares of the company’s stock after selling 1,360 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Cummins were worth $6,399,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. State Street Corp raised its position in shares of Cummins by 1.4% in the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after buying an additional 92,073 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares in the last quarter. Norges Bank bought a new stake in shares of Cummins during the 2nd quarter valued at approximately $505,941,000. Dimensional Fund Advisors LP grew its holdings in shares of Cummins by 0.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock valued at $649,280,000 after purchasing an additional 7,372 shares during the last quarter. Finally, Raymond James Financial Inc. increased its position in Cummins by 4.5% during the 3rd quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company’s stock worth $640,090,000 after purchasing an additional 64,822 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 1.3%

Shares of NYSE:CMI opened at $523.02 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The business’s 50 day simple moving average is $571.03 and its two-hundred day simple moving average is $505.93. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The firm has a market cap of $72.26 billion, a P/E ratio of 25.49, a PEG ratio of 1.66 and a beta of 1.12.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period last year, the company earned $5.16 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s payout ratio is currently 38.99%.

Insider Transactions at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 4,054 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the sale, the vice president directly owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William I. Miller sold 18,107 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 31,195 shares of company stock worth $18,397,489. 0.41% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on CMI shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Wolfe Research downgraded Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price on the stock. in a report on Monday, January 26th. Raymond James Financial upped their price target on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Finally, UBS Group set a $565.00 target price on shares of Cummins and gave the stock a “neutral” rating in a research note on Friday, February 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

About Cummins

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.