Assetmark Inc. Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Assetmark Inc. lifted its holdings in Cummins Inc. (NYSE:CMI) by 3.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,937 shares of the company’s stock after buying an additional 533 shares during the period. Assetmark Inc.’s holdings in Cummins were worth $5,808,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins in the second quarter worth $28,000. Cultivar Capital Inc. bought a new position in Cummins in the second quarter worth approximately $28,000. Lynx Investment Advisory purchased a new stake in Cummins during the second quarter worth $29,000. LRI Investments LLC bought a new stake in Cummins during the 1st quarter valued at $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Cummins in the third quarter valued at about $34,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Evercore ISI lifted their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Truist Financial boosted their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Finally, Robert W. Baird boosted their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $324.83.

Cummins Stock Performance

Shares of CMI stock opened at $358.43 on Tuesday. The firm has a market cap of $49.17 billion, a P/E ratio of 23.67, a P/E/G ratio of 1.77 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.82 and a current ratio of 1.32. Cummins Inc. has a one year low of $216.91 and a one year high of $370.21. The firm’s 50 day moving average price is $322.99 and its 200-day moving average price is $299.21.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the previous year, the business earned $4.73 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities research analysts predict that Cummins Inc. will post 20.32 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 48.08%.

Insider Buying and Selling

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

Cummins Company 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.