Cummins Inc. (NYSE:CMI) Shares Bought by Assetmark Inc.

Assetmark Inc. lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 41.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 25,536 shares of the company’s stock after acquiring an additional 7,488 shares during the quarter. Assetmark Inc.’s holdings in Cummins were worth $8,004,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. GAMMA Investing LLC boosted its stake 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 valued at $373,428,000 after buying an additional 1,188,276 shares during the last quarter. Northern Trust Corp boosted its stake in Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after acquiring an additional 246,807 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in Cummins by 57.0% during the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company’s stock worth $224,317,000 after acquiring an additional 233,694 shares in the last quarter. Balyasny Asset Management L.P. increased its position in shares of Cummins by 5,553.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 134,052 shares of the company’s stock worth $46,731,000 after purchasing an additional 131,681 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Cummins in the 4th quarter valued at about $45,015,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CMI. Morgan Stanley boosted their price objective on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, May 6th. Evercore ISI lowered their price target on Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a report on Monday, May 19th. Truist Financial decreased their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Citigroup reissued a “buy” rating and set a $360.00 target price (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Finally, The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target of $361.92.

Insider Activity at Cummins

In related news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director directly owned 2,441 shares of the company’s stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.41% of the company’s stock.

Cummins Trading Up 1.1%

Shares of NYSE:CMI opened at $369.28 on Monday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The company has a market cap of $50.87 billion, a PE ratio of 18.37, a P/E/G ratio of 2.05 and a beta of 1.03. The company’s 50-day moving average price is $330.38 and its 200 day moving average price is $330.69.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same period in the previous year, the firm posted $5.08 earnings per share. The business’s revenue was down 2.7% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be paid a $2.00 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 2.17%. Cummins’s dividend payout ratio is presently 39.80%.

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.