Assetmark Inc. Has $12.33 Million Position in Cummins Inc. $CMI

Assetmark Inc. trimmed its position in Cummins Inc. (NYSE:CMI) by 5.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,921 shares of the company’s stock after selling 1,340 shares during the period. Assetmark Inc.’s holdings in Cummins were worth $12,332,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after acquiring an additional 98,544 shares during the last quarter. State Street Corp increased its stake in shares of Cummins by 0.8% during the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after purchasing an additional 49,628 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after purchasing an additional 35,286 shares during the period. Fisher Asset Management LLC lifted its stake in Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after purchasing an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after buying an additional 2,434,876 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $640.10 on Tuesday. Cummins Inc. has a twelve month low of $344.02 and a twelve month high of $737.76. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The company has a 50-day simple moving average of $675.79 and a two-hundred day simple moving average of $615.85. The stock has a market capitalization of $88.33 billion, a price-to-earnings ratio of 33.22, a price-to-earnings-growth ratio of 1.58 and a beta of 1.22.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the prior year, the business posted $5.96 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 29.34 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is currently 41.52%.

Insider Activity

In other news, VP Nathan R. Stoner sold 607 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the sale, the vice president directly owned 9,447 shares of the company’s stock, valued at approximately $6,556,784.82. This represents a 6.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Bonnie J. Fetch sold 652 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $700.19, for a total value of $456,523.88. Following the completion of the transaction, the executive vice president directly owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. This trade represents a 5.29% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CMI has been the subject of several research analyst reports. UBS Group reiterated a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Morgan Stanley raised their price target on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday. Evercore reaffirmed an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research report on Monday, May 11th. Argus upped their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Finally, Robert W. Baird set a $700.00 target price on shares of Cummins in a research note on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $740.07.

Cummins Company Profile

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.