Assenagon Asset Management S.A. Has $4.53 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Assenagon Asset Management S.A. raised its stake in shares of Cummins Inc. (NYSE:CMI) by 164.2% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 13,974 shares of the company’s stock after purchasing an additional 8,685 shares during the period. Assenagon Asset Management S.A.’s holdings in Cummins were worth $4,525,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CMI. Cultivar Capital Inc. purchased a new position in Cummins in the second quarter worth $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Cummins during the second quarter valued at about $28,000. Lynx Investment Advisory bought a new position in Cummins in the second quarter worth about $29,000. LRI Investments LLC bought a new position in Cummins in the first quarter worth about $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in Cummins in the third quarter worth about $34,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CMI. JPMorgan Chase & Co. increased their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Citigroup raised their price objective on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Evercore ISI lifted their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Robert W. Baird lifted their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, Barclays lifted their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus price target of $311.55.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Cummins Stock Performance

Shares of NYSE:CMI opened at $331.21 on Wednesday. The company has a market cap of $45.30 billion, a P/E ratio of 24.25, a PEG ratio of 1.92 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a one year low of $212.80 and a one year high of $340.82. The business’s 50-day simple moving average is $317.53 and its 200 day simple moving average is $296.39.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the previous year, the business earned $5.18 EPS. The business’s quarterly revenue was up 2.3% on a year-over-year basis. On average, sell-side analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.20%. Cummins’s dividend payout ratio (DPR) is 53.29%.

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.